NorthMarq Capital’s Phoenix office arranges $11 million bridge loan to convert building to student housing

GC Square Apts
Debt & Equity
Multi-Tenant
Student Housing
Bridge Loan
Bank
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PHOENIX – Griffin Martin, vice president of NorthMarq Capital’s Phoenix regional office, arranged an $11 million loan to facilitate the refinance and conversion of GC Square Apartments, a 163-unit multifamily property into a student housing targeted property that will be the first off campus property to directly service the Grand Canyon University (GCU) student base. GCU is a rapidly growing Private Christian University in the West Phoenix/Maryvale, Arizona area. The loan was funded mid renovation when the property was 100% vacant. The non-recourse interest only debt vehicle provides the flexibility needed to finalize renovations and the term to stabilize operations. The loan, which is serviced by NorthMarq, was arranged through a NorthMarq correspondent.

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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