STILLWATER, OK-NorthMarq's Dallas regional office, arranged construction financing of $13.44 million for 213 W. Elm, a 125,998 sq. ft., 194-unit student house facility located near Oklahoma State University.
The asset is a mid-rise structure that is more urban than what is typically available in the market. Financing was based on a 3-year term and a 30-year amortization schedule with one-year interest only. The loan was arranged for the borrower, Elsey Partners, LLC, by NorthMarq through its relationship with a regional bank. Stephen Whitehead, SVP/senior regional director at NorthMarq's Dallas office arranged the mortgage.
This was the second project the borrower has started in the market. The first (315 Hester St.) was delivered this year and was 100% pre-leased before it opened.
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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.
