By Adelina Osan, Associate Editor
Seattle—NorthMarq Capital recently arranged a $19.2 million refinancing loan for a 367-unit student housing portfolio located in Pullman, Wash. The transaction was structured with a 10-year interest-only term, 70 percent LTV and 1.40 DCR.
Ron Peterson, senior vice president & managing director, and Scott Gilson, vice president of NorthMarq Capital’s Seattle-based regional office arranged the deal.
Located at 820 NE Colorado St. adjacent to the Washington State University Campus, Coug Housing Portfolio is comprised of 13 non-contiguous parcels. The student housing portfolio features one-, two-, three- and four-bedroom floorplans.
“When undertaking this project, the client requested that we pull out three of the portfolios assets so that they could position themselves to redevelop those sites. The debt we placed allowed the client to refinance the existing debt, pull out three of the parcels from the portfolio, returned cash back to the investors and lowered their annual debt service by $230,000 annually,” said Peterson in prepared remarks.
Image courtesy of Coug Housing