NorthMarq Capital’s Seattle office arranges $19.23 million refinance of student housing property located in Pullman, Washington
Student Housing Portfolio
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
