ORLANDO—NorthView Student Housing has won the confidence of investors. NorthMarq Capital arranged a $58 million loan for the student housing complex, which is located on the campus of the University of Central Florida (UCF).
Lee Weaver, senior vice president and senior director and Bill Hardman, vice president of NorthMarq, arranged the loan, through a tax exempt private placement bond structure. Financing is based on a 15-year term and 30-year amortization schedule.
“With so many factors to take into consideration, finding the proper lending source required a remarkable amount of time and resources,” says Weaver. “Many traditional lending sources simply weren’t able to accommodate the complexities of the deal.”
The student housing development includes 40,000 square feet of faith-based commercial space. Hillel Foundation for Jewish Campus Life will occupy half the space. The Newman Catholic Student Center will occupy the other half.
Both organizations are the largest of their kind in the county. They will serve the nearly 6,000 Jewish students and 13,000 Catholic students that make the UCF campus one of the largest Jewish and Catholic student bodies in the country.
“Student centers are key components of the organizations providing dedicated space for students to gather, socialize, and study with like-minded Jewish and Catholic students,” says Weaver. Located in Oveido, the seven-story, 340,271-square-foot property has 600 beds within 180 units and 782 total parking spaces.