NorthMarq Arranges $49.7 Million in Financing for Two Student Housing Communities in North Carolina and Tennessee

Gather on Southern is located across the street from the University of Memphis campus in Memphis, Tennessee. Gather on Southern is located across the street from the University of Memphis campus in Memphis, Tennessee.

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.

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