TAMPA, FLORIDA (April 23, 2019) – Lee Weaver, senior vice president/managing director of NorthMarq’s Tampa-based regional office and Bill Hardman, vice president of NorthMarq’s Orlando office collaborated to arrange the $47,043,000 refinance of Eagle Landing Apartments, a 768-bed/288-unit student housing project located at 1479 Shady Place in Daytona Beach, Florida. The property benefits from its proximity to Embry-Riddle Aeronautical University, Daytona State College and Bethune Cookman University. The transaction was structured with a 10-year term with 4-years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac.
“The sponsor builds a superior product, and though situated in a smaller college market, Eagle Landing consistently outperforms similar properties at much larger universities,” said Weaver.