Student Housing - Debt

Northmarq’s Robert Hernandez arranges $4.25 million refinance for Conifer Creek and Conifer Creek West Townhomes in Allendale, Michigan

TAMPA, FLORIDA (December 30, 2021) – Robert Hernandez, senior vice president/managing director of Northmarq’s Tampa regional office negotiated the $4.25 million refinance for two student housing properties serving Grand Valley State University in Allendale, Michigan. 

The permanent loan was structured on a 10-year term with a 25-year amortization schedule. Northmarq arranged refinancing for the borrower through its relationship with a correspondent life company lender. 

The student housing townhome communities were constructed in 2006 and 2016. Combined, Conifer Creek and Conifer Creek West have 186-beds. Both were 100 percent leased at the time of closing.

Conifer Creek and Conifer Creek West are conveniently located minutes from the Grand Valley State University campus and within walking distance of the GVSU Rapid bus service, which shuttles students to and from the Allendale and downtown Grand Rapids Campuses. 

“The sponsor, lender and Northmarq teams worked diligently to quickly close this low leverage loan, prior to the existing loan’s maturity date,” said Hernandez.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.