Trimark Properties, a commercial real estate developer and property management company headquartered in Gainesville, Florida has just settled a $22 million deal for refinancing of three of its popular luxury student apartment complexes near the University of Florida campus.
The refinancing was arranged through JP Morgan by Walker & Dunlop’s Paul Ahmed. The deal decreased Trimark’s interest rate and secured 10 year fixed rate financing for the successful real estate company that is continuing to dominate the niche market luxury student housing industry in Gainesville.
Commenting on the deal, Paul Ahmed said “Trimark Properties continues to push the boundaries of typical student housing with their luxury apartments near the University of Florida campus. Ownership’s commitment to making their properties best in class, as well as commitment to unparalleled service, will continue to attract new tenants to the building. JP Morgan’s ability to replace the current loan and reduce the interest rate helped them win the deal.”
According to Ahmed, the refinancing was a low-risk investment since Trimark has decades of experience in managing and designing luxury apartments. Every year, Trimark’s apartments lease up to capacity and are consistently in high demand for the nearly 50,000 students residing in the Gainesville area due to their close proximity to the University of Florida campus combined with upscale amenities.
The three apartments being refinanced are Savion Park, Tuscana and Solaria Luxury Apartments, accounting for 114 units and 157,000 ft.² of living space. The apartments are located just three blocks away from the University of Florida campus and are ideal candidates for the large refinancing project.
Savion Park has a sleek and modern design reminiscent of a contemporary New York City building and is popular amongst tech savvy modern students. Tuscana Luxury Apartments was a winner of Gainesville’s 2016 City Beautification Awards. With its cascading water fountains and Mediterranean inspired tile work combined with spacious modernised interiors, these apartments transport residents into the rolling hills of Italian countryside. Solaria Luxury Apartments feature colonial revived inspired architecture and are reminiscent of a 1920s Spanish Palace. The apartments feature upgraded kitchens with granite countertops and custom wood cabinetry and have private balconies with porch swings. The state-of-the-art design of these apartments helped to win one of Gainesville’s prestigious City Beautification Awards this year.
Trimark Properties is an award-winning real estate development firm and property management company with its headquarters in Gainesville Florida. The company has a portfolio of 25 luxury and affordable apartment complexes. Additionally, Trimark has fully renovated historic houses and commercial real estate spaces for businesses.