Greenville, N.C. and Memphis, Tenn. — NorthMarq Capital has arranged $49.7 million in financing for two student housing communities in North Carolina and Tennessee.
Steve Whitehead and Rob Hervey of NorthMarq secured both a senior non-recourse construction loan of $21.7 million and a mezzanine loan of $5.5 million for Gather Uptown, a 405-bed student housing development located near East Carolina University in Greenville, North Carolina. The transaction was structured with a three-year, interest-only term.
Whitehead and Hervey also secured a floating-rate refinance of $22.6 million for Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus in Memphis, Tennessee. The transaction was structured with a five-year term, with one-year interest-only followed by a 30-year amortization schedule.
A life insurance company provided the financing for both transactions.