AUSTIN, Texas (Oct. 17, 2023) — Northmarq’s Cheryl Higley and Noah Villicana of the Austin Debt + Equity team secured refinancing of Park Place Apartments. The 24-unit student housing property (built in 2003) is located at 1023 West 24th Street in Austin. The permanent fixed rate loan was structured on a five-year term with 12 months interest only followed by a 30-year amortization schedule and flexible prepay. Northmarq arranged financing on behalf of the borrower through TIAA/EverBank.
“Overall, I am extremely pleased with our team for executing a flexible cash-out refinance in a tightening debt market. We were able to rely on our lending relationships to be competitive in the quoting process and meet all the borrower’s requests,” said Higley.
The three-story property is situated in the West Campus of The University of Texas, an active student neighborhood. Walking distance to Shoal Creek Greenbelt and Trail and Fossil Bend Park in addition to several restaurants and shops. There are four colleges within an 11-minute drive of the property. Units feature air conditioning, in unit washer/dryers, wheelchair accessibility and covered parking spaces available for tenants.