Student Housing - Debt

NorthMarq’s Richmond office negotiates construction loan of $16 million for student housing property in Blacksburg, Virginia

RICHMOND, VIRGINIA (August 12, 2019) – Mike Lowry of NorthMarq’s Richmond-based regional office, finalized a $16 million construction loan for Park 37 Apartments. 

The 75-unit (215 beds) student housing property is located at 1222 Patrick Henry Drive in Blacksburg, Virginia and is located near the campus of Virginia Tech. 

Financing Details:
– Construction loan
– 3-year term with 3-years interest-only 
– NorthMarq arranged financing for the borrower through its relationship with a regional bank.

“We are pleased to have assisted our Blacksburg, VA based developer client in obtaining a construction loan for their 75 unit, 215 bed student housing development.”

– Mike Lowry

Property Information:
– Groundbreaking for Park 37 was in April 2019 and completion is for July 2020, coinciding with Virginia Tech’s 2020-21 school year.
– Park 37 will offer multiple amenities including: clubhouse with lounge, fitness center, pool, fire pit, covered bike storage and a new Blacksburg transit stop at the site. Direct access to one of Blacksburg’s walking/biking trails will also be on-site.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.