The Real Deal Miami

Landlord closes $22M student-housing refinancing

JP Morgan refinanced three high-end apartment buildings in Gainesville near UF

June 26, 2016 10:00AM

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The Solaria apartment building near UF in Gainesville

The Solaria apartment building near UF in Gainesville

Gainesville-based Trimark Properties completed a $22 million refinancing of three high-end student housing properties near the University of Florida campus.

The transaction lowered Trimark’s interest rate and provide 10-year fixed-rate financing. Paul Ahmed of Walker & Dunlop arranged the financing from JP Morgan.

“JP Morgan’s ability to replace the current loan and reduce the interest rate helped them win the deal,” Ahmed said in a prepared statement.

“Trimark Properties continues to push the boundaries of typical student housing with their luxury apartments near the University of Florida campus,” he said.

The three refinanced rental properties are Savion Park, Solaria and Tuscana. They have a total of 114 units and 157,000 square feet of living space.

Trimark this year won a city beautification award from the City of Gainesville for its design of Tuscana.

All three apartment properties are located three blocks from the UF campus. [Realty Biz News] — Mike Seemuth