NorthMarq secures $47,043,000 refinance of student housing property in Daytona Beach, Florida
ORLANDO, FLORIDA (April 23, 2019) – NorthMarq’s Tampa-based regional office collaborated with NorthMarq's Orlando office 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."
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
