NorthMarq Capital arranged $9.8 million mortgage for University of Memphis Student Housing in Memphis, Tennessee
University of Memphis Student Housing
LOS ANGELES (February 4, 2013) – Robert Hervey, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged construction financing of $9.8 million for University of Memphis Student Housing. The facility will contain 73 units with 264 bedrooms when completed. The university clearly needed new housing; however, the last student housing project built in Memphis failed due to an inexperienced developer and poor design. Our borrower/developer was able to overcome lender concerns through superior design and success with his other projects. Financing was based on a 2-year construction loan followed by a 2-year mini perm with interest only during the construction period followed by a 25-year amortization during the mini perm. NorthMarq arranged this financing for the borrower through its relationship with a local bank. “The local lender believed in this project and knew the general contractor, which went a long way in getting this loan closed,” said Hervey.
About Northmarq
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.
