Dealmaker: NorthMarq Capital Arranges $205M in Three States

NorthMarq Capital, Minneapolis, arranged $205.3 million for three multifamily acquisitions and refinancings. 

NorthMarq Managing Director David Link and investment analyst Brian Fisher arranged $93 million in acquisition financing through NorthMarq’s Fannie Mae program for Bridges at Northcreek in Bothell, Wash.

“The loan was a 10-year full term interest-only transaction with significant prepay flexibility in the last several years of the loan,” Link said.

Constructed in 1999, the Class A Bridges at Northcreek contains 524 units in 24 three-story buildings. 

In Lakewood, Colo., NorthMarq secured $96.3 million using Freddie Mac’s Green Up Program to refinance 512-unit Ashford Belmar. Suzanne Jones, Senior Vice President and Senior Director in NorthMarq’s Dallas office, arranged the 7-year loan with two years of interest-only payments and a 30-year amortization schedule. 

“We were able to secure a cash-out refinance for the borrower using Freddie Mac’s new Green Up Program,” Jones said. She noted that the funds allowed the borrower to improve the property’s energy efficiency, “providing benefits to the environment as well as utility cost savings to their tenants.”

NorthMarq Capital’s Westchester, N.Y. office secured $16 million to refinance Springvale Apartments in Croton-on-Hudson, N.Y.

Senior Vice President and Managing Director Robert Ranieri arranged the 15-year loan through its seller/servicer relationship with Freddie Mac. “The loan was a refinance of an existing Freddie Mac loan,” Ranieri said.

“Freddie Mac was able to not only lower the rate significantly, but also reduce a portion of the prepayment penalty. The borrower was able to lock into a 15-year deal at a very attractive rate.”