REXBURG, ID—NorthMarq Capital's Seattle based regional office has arranged the $23.5 million refinance for the Rexburg Student Housing Portfolio, located on the BYU Idaho Campus in Rexburg.
Senior vice president/managing director Ron Peterson handled the deal for NorthMarq.
The seven garden style, walk-up buildings hold 289 dwelling units with 1,548 beds.
A consideration of this transaction was the anticipated short term drop in occupancy, before a return to stabilization. As such, financing for this two-loan transaction was structured with a 70% LTV and a 10-year term with 2-years of interest only. The lender also committed to a six month rate lock to help accommodate a drop in the prepayment penalty. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
