TAMPA (November 6, 2012) – Lee Weaver, senior vice president and senior director of NorthMarq’s Tampa Regional office, arranged first mortgage refinancing of $10.125 million for Villa Lucia, an off-campus student housing property located at 1845 Belle Vue Way in Tallahassee near Florida State University.
In August 2011 the owner added 25 units (85 bedrooms) on excess land fronting Belle Vue Way. The expansion was well received with 100% of Phase II preleased for the 2012/2013 school year. This Phase expansion also consisted of a new clubhouse and a renovated pool area.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, by NorthMarq through its seller-servicer relationship with Freddie Mac.
“The timing of this transaction allowed the borrower to lock in an extremely attractive rate,” said Weaver.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.