NorthView Student Housing Receives $58M in Funds for UCF Housing Development
- May 14, 2014
NorthMarq Capital’s Florida-based offices have arranged $58 million in financing for NorthView Student Housing, located on the University of Central Florida campus in Oviedo, Fla.
The seven-story, 340,271-square-foot property was developed by Alan Ginsburg and the AHG Group, and contains 600 beds within 180 units and 782 total parking spaces (696 in a controlled access garage). The development also includes 40,000 square feet of faith-based commercial space. Half is occupied by the Hillel Foundation for Jewish Campus Life and the other half by the Newman Catholic Student Center.
The property is managed by the UCF Housing System and is incorporated into its inventory. The property benefits from a 60-year ground lease, after which the improvements will revert to the UCF Foundation and Hillel Foundation for Jewish Campus Life.
With so many factors to take into consideration, finding the proper lending source “required a remarkable amount of time and resources,” Lee Weaver, NorthMarq Capital’s senior vice president/senior director, said in a company release. “Many traditional lending sources simply weren’t able to accommodate the complexities of the deal.”
Financing for the $58 million transaction is based on a 15-year term and 30-year amortization schedule and was arranged for the borrower by NorthMarq through a tax exempt private placement bond structure.
According to MPF Research, construction levels in Tampa have remained elevated over the past five quarters, and the first wave of that product will begin completing in the upcoming months, testing the market’s ability to absorb new product. Student housing, however, is in short supply.
The school’s student population has been growing at a rate of about five percent a year over the past few years, according to school data on its website.
Units include fully furnished apartments with custom furniture; hardwood-style flooring in living areas and carpeted bedrooms; nine foot ceilings in living areas; beautifully decorated rooms with a 60’ flat screen TV; full sized kitchen with granite countertops; side-by-side refrigerator; customized beds with drawers and shelving; individual walk-in closets; bathrooms with granite countertops and walk-in showers; unit keycard entry and extended cable.
Building amenities include two courtyards for social events and gatherings; secure parking; high-speed video game room; 24-hour fitness center; resort style pool with water volleyball; lap swimming area and Swedish sauna; sky deck with tiki-hut; outdoor sand volleyball; life-sized chess board; computer lab; café; convenience store; high-speed wireless internet through-out the building; community centers and a Cabana room.