TALLAHASSEE, FL—While investors are split on their student housing outlook, financing is still readily available for quality projects. Case in point: Catalyst Student Apartments, a 103-unit, 402 bed student housing facility in Tallahassee, FL.
Sue Blumberg, vice president of NorthMarq's Chicago regional office, arranged acquisition financing totalling $19.5 million for Catalyst. The newly-constructed student housing project is 100% occupied for the 2013-2014 school year.
Financing was based on a seven-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a life insurance company.
“The property is beautiful with a prime location just off campus,” Blumberg tells GlobeSt.com. “Students these days are lucky to be able to live in such nice apartments—the builder, owner and management company are top of the line.”
Located at 631 West Madison Street, Catalyst is a class A student housing project. It is within easy walking distance of Florida State University and offers a full amenities package including an outdoor pool.
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