Dallas — Diamond Realty Investments moving further into sector.
The Exchange at Auburn in Auburn, Ala. is a 900-bed facility.Dallas — Stephen Whitehead, senior vice president/senior producer in NorthMarq Capital’s Dallas Regional office, arranged approximately $136.36 million in permanent financing for the Diamond Student Housing Portfolio.
The portfolio consists of six Class A student housing facilities with a combined total of 5,112 beds in 1,852 units. The properties are located near major university campuses in Texas, Georgia, Alabama, Mississippi and Kansas. The oldest property was built in 2007. Financing was based on a 5-year term at a rate of 4.02 percent interest only and was arranged for the borrower, Diamond Realty Investments and Real Estate Capital Partners, by NorthMarq through its seller-servicer relationship with Freddie Mac.
Diamond Realty Investments is a wholly owned subsidiary of the Mitsubishi Corporation. The company has provided equity for multifamily joint ventures since 1991. The company began student housing investments in 1999 and has since provided the equity for new developments in 10 states. Diamond forms partnerships with developers and management companies using its in-house asset management and capital markets capabilities. The company is actively expanding its Student Housing presence.