Sue Blumberg, vice president of NorthMarq’s Chicago regional office, arranged acquisition financing of $19.5 million for the Catalyst Student Apartments.
The student housing property is located at 631 W. Madison St., Tallahassee, Fla., and contains 130 units and 402 beds. Catalyst Student Apartments is a newly constructed class A student housing project that is 100 percent occupied for the 2013-2014 school year. The property is within easy walking distance of Florida State University and offers a full amenities package including an outdoor pool.
Financing was based on a seven-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the borrower through its relationship with a life insurance company.
“The property is beautiful with a prime location just off campus,” Blumberg said. “Students these days are lucky to be able to live in such nice apartments — the builder, owner and management company are top of the line.”
