Student Housing - Debt

NorthMarq Capital

NorthMarq secures $56 million assumption and second mortgage acquisition financing of Terrace View Apartments in Blacksburg, Virginia

WASHINGTON, D.C. (April 13, 2015) – Gary McGlynn, senior vice president/co-managing director and Kenneth Gentzel, senior vice president/co-managing director of NorthMarq’s Washington, D.C. office arranged assumption and second mortgage acquisition financing of $56 million for Terrace View Apartments, a 756-unit student housing property located at 413 Hunt Club Road in Blacksburg, Virginia. The property serves the students of Virginia Tech University, the largest university in Virginia, with more than 31,000 students enrolled. The transaction was structured with long term interest-only financing.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.