NorthMarq’s Tampa office arranges $15.4 million for two faith-based student housing properties
TAMPA, FLORIDA (July 10, 2019) – Robert Hernandez, managing director and Lauren Hanley, vice president of NorthMarq’s Tampa-based regional office negotiated the financing for Newman Student Housing’s St. Robert Bellarmine Hall and Frassati Newman Hall , two faith-based student housing properties serving the campuses of University of South Florida and University of North Florida.
The permanent loans were structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“We secured the non-recourse financing as interest rates were declining, which provided an excellent all-in rate,” said Hernandez.
- Newman Student Housing USF, refinanced for $8,400,000, is located at 12977 North 50th Street in Temple Terrace, Florida. The property contains 69 units/208 beds.
- Newman Student Housing UNF, refinanced for, $7,000,000 is located at 11291 Alumni Way in Jacksonville, Florida. The property contains 69 units/204 beds.
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
