SEATTLE – Ron Peterson, senior vice president/managing director, and Scott Gilson, vice president of NorthMarq Capital’s Seattle-based regional office, arranged the $19.23 million refinance of Coug Housing Portfolio, a 367-unit student housing property located at 820 NE Colorado Street in Pullman, Washington, adjacent to the Washington State University Campus. The transaction was structured with a 10-year interest-only term, 70 percent LTV and 1.40 DCR.
“The Coug Housing Portfolio was comprised of 13 non-contiguous parcels all of which were located just blocks from the WSU campus,” said Gilson. “When undertaking this project, the client requested that we pull out three of the portfolios assets so that they could position themselves to redevelop those sites. The debt we placed allowed the client to refinance the existing debt, pull out three of the parcels from the portfolio, returned cash back to the investors and lowered their annual debt service by $230,000 annually,” added Peterson.