February 4, 2013

NorthMarq Capital arranged $9.8 million mortgage for University of Memphis Student Housing in Memphis, Tennessee

University of Memphis Student Housing

Debt & Equity

Multi-Tenant

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.

Available Student Housing properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.