"It was very competitive," William L. Jackson, senior vicepresident and managing director in Dallas for the Minneapolis-basedNorthMarq, tells GlobeSt.com about a complex refinancing thateffectively closed in 90 days. He says the fresh capital paid offeight lenders and one mezzanine lender, all having providedconstruction financing for the 3,670-unit portfolio with 11,203beds. The portfolio's average age is four years. Each bed generates$400 per month.

JPMorgan Chase put up $150 million for six assets and Citigroupprovided $135 million for seven properties. RAIT provided $46million in mezzanine financing. JPI got a fixed-rate interest at "avery competitive all-in cost of funds," Jackson says. Thetransaction is the largest one this year for NorthMarq's Dallasteam.

The refinanced portfolio consists of Jefferson Pointe andJefferson Commons in Tallahassee, both at Florida State; Universityof South Florida in Tampa; Texas Tech in Lubbock; Penn State inState College; Oklahoma State at Stillwater; University of Arizonaat Tucson's Star Ranch; University of Tennessee at Knoxville;University of Kansas at Lawrence; Western Michigan University atKalamazoo; University of Missouri at Columbia; and PurdueUniversity at West Lafayette, IN.