Arranges $11.6 million refinance of VCU student housing portfolio in Richmond, Virginia
VCU Student Housing
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.”
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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.
