NorthMarq Arranges $257M for Mixed-Use, Multifamily

August 15, 2019

NorthMarq, Minneapolis, arranged $257 million in construction and acquisition financing for mixed-use and multifamily properties in Missouri and Georgia.

In Chesterfield, Mo., NorthMarq Senior Vice President David Garfinkel and Vice President Dan Baker negotiated $54.5 million in debt and equity to construct mixed-use development Wildhorse. Work will begin this month with a 2021 delivery date for the rental apartment phase. The hotel/conference center and restaurant phases will follow shortly after that.

Garfinkel and Baker arranged a $38 million three-year interest-only loan and $16.5 million in joint venture equity for developer Pearl Cos. and real estate private equity firm Great Lakes Capital. Canadian Imperial Bank of Commerce supplied the funds.

The $80 million WildHorse development will house 188 Class A apartments, 12,500 square feet of retail and 10,500 square feet of restaurant space. A Ruth’s Chris Steakhouse with a 5,000-square-foot rooftop deck will anchor the property’s retail portion.

The Class A asset will occupy the intersection of Interstate 64 and Wildhorse Creek Road. The median household income within a three-mile radius exceeds $160,000.

NorthMarq also provided debt and equity financing totaling $202.5 million for Carter Multifamily’s acquisition of an 11-property, 1,966-unit multifamily portfolio. The portfolio included Ten 35 Alexander in Augusta, Ga., Heritage at Riverstone in Canton, Ga., Falls at Spring Creek, Legacy at River Crossing and Riverstone in Macon, Ga., as well as three Garden City, Ga. properties: Azure Cove, Kessler Point and The Arbors and three Savannah assets, Alhambra, Carriage House and Ridgewood.

NorthMarq Managing Directors Melissa Marcolini-Quinn and Lee Weaver represented Carter Multifamily, which acquired the portfolio from Kole Management for $202.5 million. The financing package included six new Freddie Mac Value Add Green Advantage loans, five loan assumptions from Fannie Mae and $40 million in equity from RSE Capital Partners.