Northmarq arranges refinancing of 374-unit Elevate Waco student housing community

WACO, Texas — Northmarq’s  Debt + Equity team led by Michael Wyne and Michael Marsolais successfully arranged the bridge loan refinancing of Elevate Waco, a 374-unit student housing community located at 215 Washington Avenue in Waco, Texas.

Northmarq arranged the refinancing on behalf of the borrower through a relationship with a debt fund.

“This was a refinance of the borrower’s existing acquisition bridge loan, which will provide the borrower with additional runway as the property continues to lease,” Wyne said. “The new debt was structured with an attractive fixed-rate coupon and minimal prepayment penalty, offering the borrower the flexibility to transition into permanent debt or exit once their business plan is complete.”

Given the close proximity to Baylor University — a Power 5 conference school — as well as its comprehensive amenities package, Elevate Waco garnered strong interest from debt funds for this request and the team expects the borrower to quickly meet their projects and deliver a win for their investors, Wyne said.

Built in 2008, Elevate Waco offers a luxury housing community with floor plans including up to four bedrooms. Unit features include a 65-inch TV in every living room, all-inclusive with electric cap, fully furnished, high-speed internet, granite countertops, fob access at the front door, hardwood-style flooring, private bathrooms, stainless steel appliances and a washer and dryer in every home.

Community amenities include a resort-style swimming pool, 24-hour fitness center, arcade lounge, community social lounge, game room, gated parking garage, a renovated clubhouse, roommate matching, social events for residents and friends, study lounge and individual study rooms, and on-site management and maintenance.

Elevate Waco is perfectly situated on Washington Avenue, just blocks from Baylor University and within walking distance to Magnolia’s and the Silo’s. It is also blocks from downtown Waco with quick access to Interstate 35, offering a prime location for students.