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Dealmaker: NorthMarq Capital Arranges $81M for Retail, Multifamily Properties
NorthMarq Capital, Minneapolis, arranged $80.8 million for retail and multifamily properties in California and Florida.
In Chula Vista, Calif., NorthMarq Senior Vice President Mike Dobbins arranged $44.5 in financing via construction loan and preferred equity for 128,000-square-foot retail property Millenia Town Center.
The capital included a bank-issued construction loan and preferred equity from a life insurance company.
When completed, Millenia Town Center tenants will include Buy Buy Baby, Ross Dress for Less and Homegoods.
NorthMarq Capital Executive Vice President/Managing Director Mike Elmore secured $15.2 million for Advanced Real Estate Services, Irvine, calif., to refinance Porto Bella Apartments a 104-unit property in Norwalk, Calif.
Fannie Mae Washington, D.C., provided 10-year loan on a 30-year amortization schedule through its Green Rewards program.
“Our Fannie Mae execution funded an aggressive cash-out Green loan with five years interest-only,” Elmore said. “Advanced Real Estate Services will use a portion of the proceeds to fund capital improvements and allocate most of the excess proceeds to new apartments acquisitions.”
NorthMarq also secured $21.1 million in acquisition financing for Berkshire Reserve in Naples, Fla. Lee Weaver, Senior Vice President/Senior Director in NorthMarq Capital’s Tampa, Fla. office and Melissa Marcolini-Quinn, Senior Vice President/Managing Director in NorthMarq Capital’s Orlando, Fla. office, collaborated to arrange the financing via Freddie Mac’s Green Up program.
Berkshire Reserve, a 146-unit multifamily property, is located nearby Golden Gate Community Park.
“We were able to structure the loan with a flexible prepayment option and utilize Freddie Mac’s Green Up program, which will allow the borrower to not only enhance the value of the asset with utility saving improvements but also obtain reduced loan pricing,” Weaver said.