Dealmaker: NorthMarq Capital Arranges $345M for Multifamily

NorthMarq Capital, Minneapolis, arranged $344.9 million for two multifamily property portfolios.

In NorthMarq’s Kansas City, Mo., office, Senior Vice President Greg Duvall arranged $252.3 million to refinance a 12-property multifamily portfolio in the Kansas City and Dallas markets. The portfolio totals 3,165 units. Fannie Mae, Washington, D.C., supplied a 15-year loan that requires only interest payments for the first 10 years.

“Fannie Mae offered very attractive financing that was well aligned with [sponsor] Price Brothers’ long-term investment horizon,” Duvall said. He noted Fannie Mae improved the loan proceeds and spread during the rate lock and final underwriting process.

Northmarq also capitalized a two-property Florida portfolio totaling $93.6 million. Stephen Whitehead of the firm’s Dallas office arranged a combination of fixed- and floating-rate debt as well as joint venture equity. Both loans included 10-year terms with five years of interest-only payments on a 30-year amortization schedule.

The collateral properties included Sundance Village, a 304-unit community in Miami; and The Gardens at Nova, a 140-unit property in Davie, Fla.

Whitehead secured the financing through the firm’s Fannie Mae Delegated Underwriting and Servicing platform; the joint venture equity came from a NorthMarq correspondent life insurance company.