$47M Refi Earmarked for Florida Student Housing Asset
- Apr 18, 2019
Rise: A Real Estate Co. has received a little more than $47 million to refinance Eagle Landing Apartments, a 768-bed, 288-unit student housing project located in Daytona Beach, Fla., close to three universities.
NorthMarq’s Tampa office arranged a 10-year loan, which included four years of interest-only followed by a 30-year amortization schedule for the borrower through the firm’s relationship with Freddie Mac.
“The sponsor builds a superior product, and though situated in a smaller college market, Eagle Landing consistently outperforms similar properties at much larger universities,” Lee Weaver, NorthMarq’s senior vice president & managing director, said in prepared remarks.
Joining Weaver on the loan was Bill Hardman, vice president of NorthMarq’s Tampa office.
Nearby Higher Learning
Located at 1479 Shady Place, the property offers one-, two-, three- and four-bedroom units. Eagle Landing Apartments opened in 2015 with just 144 units, and the owner acquired an adjacent 17.5 acres that same year and has since doubled the property’s size.
The community is close by a trio of popular schools—Embry-Riddle Aeronautical University, Daytona State College and Bethune Cookman University—and also nearby some of Daytona Beach’s finest retail stores and restaurants.
In March, NorthMarq Capital originated more than $8 million in acquisition financing through Freddie Mac for the acquisition of Atlantica Apartments, a 100-unit Class B community near Jacksonville, Fla.