Dealmaker: NorthMarq Capital Arranges $64M For MultiFamily Assets

NorthMarq Capital, Minneapolis, secured $63.7 million in debt and equity for multifamily assets in Florida, Colorado and Ohio.

In Tampa, Fla., NorthMarq Capital Senior Vice President Robert Hernandez secured $15.4 million in preferred equity for Channel Club Apartments. He arranged the equity for a Mercury Advisors/ECI Group joint venture through its relationship with a national lender. 

“Channel Club is now under construction in the Channel district of downtown Tampa,” Hernandez said. The project will consist of 323 apartments in a 22-story building. A Publix supermarket will also be located within the property adjacent to the high-rise on the ground floor.

Elsewhere in Florida, NorthMarq Senior Director Lee Weaver arranged $10 million to refinance Villa Christina, a 226-bed student housing property in Tallahassee. He structured the 10-year loan with two years of interest-only payments followed by a 30-year amortization schedule. 

Weaver said NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac. “With this repeat Freddie borrower, we were able to index lock, resulting in substantial savings for the borrower as the 10-year Treasury was 19 points above the lock at the time of closing,” he said. “We were able to get last-minute insurance waivers and close the deal before the index lock expired.”  

In Greeley, Colo., NorthMarq Capital Vice President Paul Bruder arranged $19 million to refinance Homestead Apartments. The community, which delivered in three phases between 2014 and 2016, includes 288 units in forty buildings. A life insurance company provided the financing.

NorthMarq Capital’s Cincinnati office arranged $18.3 million for a 264-unit multifamily property in Cincinnati, Ohio. Managing Director Susan Branscome structured a 10-year loan with three years of interest-only payments followed by a 30-year amortization schedule for the asset.

“We closed the loan on this purchase within a short timeframe through our correspondent relationship with a life insurance company, which offered excellent loan terms,” Branscome said.