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.
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