Luxury Student Housing Project in Allendale Gets $21M Loan
- Nov 02, 2016
By Alexandra Pacurar
Allendale, Mich.—NorthPoint Capital Funding has financed a $21.3 million loan for The Lodge, a luxury student housing development in Allendale, Mich. NPCF was able to arrange a construction line of credit converting to a commercial real estate end mortgage loan with Flagstar Bank in order to meet the demands of Zimmer Development Co., the developer.
“The out-of-state borrower was developing this great student housing project and needed a lender that shared their vision and deep belief in the value of the market,” Mark Perkowski, director at NPCF, said in a prepared statement.
The Lodge consists of eight three-story buildings totaling 192 units and 576 beds, with the first phase of the project (which includes the apartments) scheduled for completion in time for the 2017-2018 school year. Each of the two- and four-bedroom apartments comes fully furnished.
The new student living facility includes a resort-style pool, fitness center, yoga studio, clubhouse, game room, social lounge, barbecue grilling stations, fire pit, individual and group study rooms, computer lab with printers, coffee bar and volleyball court.
Image courtesy of The Lodge