NorthMarq Capital’s Tampa and Dallas offices collaborate to arrange acquisition financing of $9.8 million for student housing property
DALLAS, TEXAS (July 14, 2016) – NorthMarq Capital’s Tampa-based regional office and Steve Whitehead, senior director of NorthMarq Capital’s Dallas-based regional office arranged acquisition financing of $9.8 million for Pembroke Place, a 336-bed/84-unit student housing property located in 490 Prospect Road in Pembroke, North Carolina. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower, Pembroke Place CP, LLC, through its Fannie Mae DUS program. Fannie Mae granted a waiver on the minimum school size and won the deal due to the rate and a 25-year amortization. “Start to finish, the deal closed in less than 60 days, thanks to timely responses from a skilled borrower group,” said Whitehead.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
