NorthMarq Secures $19.5 Million Acquisition Financing for Catalyst Student Apartments

Tallahassee — Catalyst includes apartments and shops and is walking distance to FSU.

Catalyst DECK-WEBTallahassee — Sue Blumberg, vice president of NorthMarq's Chicago regional office, has arranged acquisition financing of $19.5 million for Catalyst Student Apartments. The $25 million mixed-use project, which includes 3,500 square feet of retail, was developed by Chance Partners and the Carlyle Group on a former industrial site. The community redevelopment agency of the city of Tallahassee also contributed to this development. The student housing property opened this fall and is 100 percent occupied for the 2013-2014 school year.

 

The property is within 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 this financing for the borrower through its relationship with a life insurance company.

 

 

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