SEATTLE (April 15, 2016) – Ron Peterson, senior vice president/managing director, and Scott Gilson, vice president of NorthMarq Capital’s Seattle-based regional office, arranged the $19.23 million refinance of Coug Housing Portfolio, a 367-unit student housing property located at 820 NE Colorado Street in Pullman, Washington, adjacent to the Washington State University Campus. The transaction was structured with a 10-year interest-only term, 70 percent LTV and 1.40 DCR. “The Coug Housing Portfolio was comprised of 13 non-contiguous parcels all of which were located just blocks from the WSU campus,” said Gilson. “When undertaking this project, the client requested that we pull out three of the portfolios assets so that they could position themselves to redevelop those sites. The debt we placed allowed the client to refinance the existing debt, pull out three of the parcels from the portfolio, returned cash back to the investors and lowered their annual debt service by $230,000 annually,” added Peterson.
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.