TAMPA (April 15, 2014) – Lee Weaver, senior vice president of NorthMarq Capital’s Tampa based regional office secured the $26.3 million acquisition of West Run Apartments, a student housing property containing 343,028 total sq.ft. and located at 500 Koehler Drive, Morgantown, W.Va. The transaction was structured with a 10-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a CMBS lender. The property is positioned to capitalize on the favorable market dynamics that have been created by West Virginia University’s robust enrollment growth.
“Our lender maintained course through unforeseen challenges in the closing process and the deal closed as originally quoted,” said Weaver
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 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 loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.