ORLANDO, FLORIDA (May 2, 2014) – NorthMarq Capital’s Florida-based offices recently earned an Innovator Award from Student Housing Business Magazine in the category of Most Creative Financing for their work on the NorthView Student Housing on the University of Central Florida campus. The Innovator Awards, the student housing industry’s only awards program, recognize excellence in on- and off-campus student housing.
More than 900 leading industry professionals attended the sixth annual InterFace Student Housing Conference gala award ceremony where the Innovator Awards were presented. The seven-story, 340,271 sq.ft. property, located in Oviedo, Fla., contains 600 beds within 180 units and 782 total parking spaces (696 in a controlled access garage). Financing for the $58 million transaction is based on a 15-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through a tax exempt private placement bond structure. The development also includes 40,000 sq.ft. of faith based commercial space.
Half of the space will be occupied by the Hillel Foundation for Jewish Campus Life and the other half by the Newman Catholic Student Center. Both organizations are the largest of their kind in the county and will serve the nearly 6,000 Jewish students and 13,000 Catholic students that make the UCF campus one of the largest Jewish and Catholic student bodies in the country.