DALLAS-The Irving-based JPI has closed a $331-million refinancing collateralized by 13 class A student housing complexes in 11 states. NorthMarq Capital Inc.’s Dallas office marketed the offering to a select group of lenders, winding up with three five-year loans from Citigroup, JPMorgan Chase and RAIT Investment Trust.

“It was very competitive,” William L. Jackson, senior vice president and managing director in Dallas for the Minneapolis-based NorthMarq, tells GlobeSt.com about a complex refinancing that effectively closed in 90 days. He says the fresh capital paid off eight lenders and one mezzanine lender, all having provided construction financing for the 3,670-unit portfolio with 11,203 beds. The portfolio’s average age is four years. Each bed generates $400 per month.

JPMorgan Chase put up $150 million for six assets and Citigroup provided $135 million for seven properties. RAIT provided $46 million in mezzanine financing. JPI got a fixed-rate interest at “a very competitive all-in cost of funds,” Jackson says. The transaction is the largest one this year for NorthMarq’s Dallas team.

The refinanced portfolio consists of Jefferson Pointe and Jefferson Commons in Tallahassee, both at Florida State; University of South Florida in Tampa; Texas Tech in Lubbock; Penn State in State College; Oklahoma State at Stillwater; University of Arizona at Tucson’s Star Ranch; University of Tennessee at Knoxville; University of Kansas at Lawrence; Western Michigan University at Kalamazoo; University of Missouri at Columbia; and Purdue University at West Lafayette, IN.

The NorthMarq team of Phillip Askew, senior vice president and managing director, Jeffrey R. Erxleben, associate vice president and senior investment analyst, and Jackson arranged the loan. The borrower dealt directly with Dan Rube at JPMorgan Chase’s New York City office while the NorthMarq team handled negotiations with John McGlynn and Steve Roberts with CitiGroup’s Dallas office and Sam Greenblatt with the Philadelphia-based RAIT.

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