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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