June 25, 2014

Arranges $11.6 million refinance of VCU student housing portfolio in Richmond, Virginia

VCU Student Housing

Debt & Equity

Multi-Tenant

NEW YORK CITY (June 23, 2014) – Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s New York metro based office secured the $11.6 million refinance for NMJ Chesterfield Apartments and Stuart Apartments, two VCU student housing properties containing a combined 132 rooms, located at 900 W. Franklin St. and Monument Avenue, Richmond, Virginia. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, NWJ Chesterfield Apartments, LLC and Stuart Apartments, LLC through its relationship with a CMBS lender. “This was a full loan following DPO just 12-months earlier,” said Cotsalas. “The lender was very comfortable with the current borrower/owner post-DPO, despite some historical obstacles.”

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.