October 1, 2019
Avenue Auburn, a 329-bed purpose-built student housing project in downtown Auburn, AL, has received more than $22 million in refinancing. The property is located 600 N. Gay St., near Auburn University.
This new development consists of 22 individual cottages and 21 manor houses, all with a much larger floor plan than most student housing in the area. The units have nine-foot ceilings, hardwood-like floors with a chef’s kitchen complete with stainless appliances, large cabinets and granite counter tops. Every bedroom has its own bathroom and walk-in closet, and students find the private front porches and balconies attractive.
NorthMarq’s Lee Weaver arranged the financing through Freddie Mac. The transaction was structured with a 10-year term with two-years of interest-only with a 30-year amortization schedule.
“The property is of exceptional quality with an individual sense of house, all set in a desirable location,” said Weaver. “It’s easy to see this asset out-performing the market year after year.”
For comments, questions or concerns, please contact Dennis Kaiser