NorthMarq Arranges $25.8M Refi for Texas Student Housing
- Feb 05, 2014
College Station, Texas— Stephen Whitehead, senior vice president and senior director of NorthMarq Capital’s Dallas based regional office arranged refinancing of $25.8 million for The Trails at Wolf Pen Creek, a student housing asset located at 950 Colgate Drive in College Station, Texas.
Financing for the 404-unit, 1,006 bed property was structured with a three-year term and 25-year amortization schedule with two year interest only period. The property is located near Texas A&M University.
“This project was a great opportunity for my client to capture a sub 3 percent rate and use the addition cash flow to upgrade the interiors of his project,” says Whitehead.
Grandbridge closes $27M for a 300-unit asset in Georgia
Woodstock, Ga.—Grandbridge Real Estate Capital has closed a $27 million first mortgage loan secured by a 308-unit multifamily asset in Woodstock, Ga. The refinance was originated by Alan Tapie, a senior vice president in the firm’s Atlanta office.
“The broad range of service capabilities that Grandbridge offers were an integral part in the transaction,” states Tapie. “Grandbridge’s parent company, BB&T, provided the construction loan for the property and during lease up Grandbridge secured the nonrecourse permanent loan to pay off the construction debt. The loan was structured with a forward rate lock that allowed the borrower to hedge interest rate movement until the property reached stabilization.”
The property features a pool, fitness center with yoga studio, cabanas with picnic areas and fire pits, a business center, coffee bar, and greenway access all within walking distance of downtown.
Five-unit Brooklyn apartment trades for $3.6M
Brooklyn, N.Y.—A five-unit property in the Brooklyn, N.Y., neighborhood of Prospect Heights has traded hands for $3.6 million. The price represents approximately $649 per square foot. Marcus & Millichap brokered the transaction on behalf of the seller, a private investor. A limited liability company picked up the brownstone.
“Having just sold the building next door to 204 Park Place over the summer, the seller hired us, in part, to leverage our full service national platform,” says Robert Hunter of Marcus & Millichap’s Brooklyn office. “We were able to find him an outstanding triple net property to exchange into, allowing the seller to successfully defer the capital gains tax.”
“The sale marks a new record price per square foot for a Prospect Heights commercial property,” adds Marcus & Millichap’s Derek Bestreich, also in the Brooklyn office. “The property had been on the market for over six months before we were awarded the assignment. We helped the seller to negotiate a 30 day time of the essence all cash transaction.”