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.