October 1, 2019 Comments Off on $22M Refi Arranged for Auburn Student Housing Property Views: 528 Atlanta News, Southeast Atlanta

$22M Refi Arranged for Auburn Student Housing Property

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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.”

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