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