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.
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