Slippery Rock, Pa. — NorthMarq Capital has arranged an $18.84 million loan for the purchase of a distressed community.
Slippery Rock, Pa. — NorthMarq Capital has arranged $18.84 million in acquisition financing for The Ivy, a 632-bed, 200-unit student housing community located in Slippery Rock. Constructed in 2008, the property is situated near Slippery Rock University. It was sold through the bankruptcy courts to the loan’s borrower, Oculus Capital Group. Frank Relihan of NorthMarq’s Washington, D.C., office secured the loan, which carries a 10-year term and a 30-year amortization schedule. The lender is Freddie Mac.
— Coleman Wood