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.”