NorthMarq Capital Arranges $99M
NorthMarq Capital, Minneapolis, secured $98.5 million for multifamily and mixed-use assets in Washington, Nevada and Florida.
In Mercer Island, Wash., Senior Vice President negotiated $56 million in acquisition financing for 209-unit property Hadley Apartments.
Aegon USA Realty Advisors, Irvine, Calif., provided the 20-year financing to borrower SyHadley LLC. The loan included two years of interest-only payments.
“This is a newly developed property in an incredibly supply constrained submarket,” said Sidbury. “The property is approaching stabilization but based on the repeat relationship between borrower and lender, we were able to develop a creative structure that worked for all parties for this long-term financing.”
NorthMarq also arranged $24.3 million in acquisition financing for The Avenue Apartments in Las Vegas. Senior Vice Presidents Brett Hood and Jeff Frankel structured a seven-year loan with three years of interest-only payments followed by a 30-year amortization schedule through NorthMarq’s seller-servicer relationship with Freddie Mac, McLean, Va.
Hood said the 252-unit multifamily property delivered in 1996. The buyer plans upgrades to the common area and unit interiors.
In Tampa, Fla., NorthMarq Senior Vice President Bob Hernandez negotiated an $18.2 million bridge loan for Grand Central at Kennedy, a 161,000-square-foot mixed-use property in the city’s booming Channelside District. A local bank provided the five-year loan with a 25-year amortization schedule.
Hernandez noted the sponsors worked for more than 10 years through the recession to get the property stabilized. “The tenant roster is continually improving and stabilizing the entire neighborhood,” he said. “It was a combination of loan amount and pricing, along with a desire to work with a local lender that won the transaction for the local bank.”