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Phoenix — NorthMarq Capital has secured an $11 million loan to facilitate the refinance and conversion of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix, into student housing.
The property will be the first off campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.