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.