Three Student-Focused Apartments in Florida Refinanced for $22M
- May 26, 2016
Gainesville, Fla.—Walker & Dunlop has arranged $22 million in refinancing for Trimark Properties through JP Morgan. The borrower received a lower interest rate and 10-year fixed-rate financing on three of its Gainesville, Fla., apartments: Solaria II, Tuscana and Savion Park.
Located near the University of Florida’s Sorority Row, the properties are among those catering to the student market for housing in Gainesville. Combined, they total 114 units and 157,000 square feet.
The University of Florida is a senior member of the State University System of Florida, with more than 49,000 graduate and undergraduate students. The school is growing at a steady pace: the number of freshman admissions in 2012 was just over 12,000; in 2016, the number was more than 13,600.
“Trimark Properties has a record of consistent quality in their services and design,” said Paul Ahmed of Walker & Dunlop. “Savion Park, Tuscana, and Solaria II are performing well and are in excellent condition as a direct result of their design and high-quality construction.”
Trimark is a real estate developer and property management firm specializing in commercial and multifamily real estate, with headquarters in Gainesville. As one of the primary landowners in the University of Florida’s Sorority Row, the company is known for student apartments in the area.