Dealmaker: NorthMarq Capital Secures $131M

NorthMarq Capital, Minneapolis, secured $131.3 million for retail, office and multifamily assets in four states.

In the Houston area, NorthMarq Senior Vice President and Senior Director of the firm’s Houston office Warren Hitchcock secured $54.9 million for five properties: retail centers Deer Park Marketplace and Hidden Lakes Phase III, office properties Havenwood Office Park and 2700 Research Forest and multifamily asset Jacinto Palms Apartments.

NorthMarq also arranged $15.6 million in construction financing for a mixed-use development in Worcester, Massachusetts’ Canal District. The project, called Harding Green, will include 48 market-rate apartment units, a restaurant and 16,000 square feet of space for a public market. Construction commenced in late May with completion anticipated in early summer 2019.

The debt placement team was led by NorthMarq vice presidents Doug Nickerson and Katie Pontes, who arranged the financing with a regional bank. “Support from the city and state in the form of real estate tax abatements and Housing Development Incentive Program credits helped to support the project’s feasibility,” Nickerson said. “Our client’s investment in the neighborhood will be a significant contribution to the revitalization of this historic area of Worcester.”

In Omaha, Neb., NorthMarq Senior Vice President Jason Kinnison arranged $28.6 million through its seller/servicer relationship with Freddie Mac to refinance Broadmoor Hills Phase I, a 299-unit multifamily property located at 18510 Capitol Court. The 10-year loan amortizes on a 30-year schedule.

NorthMarq also arranged a $32.2 million Fannie Mae loan to refinance 234-unit Sawyer Trail Apartments in Frederickson, Wash.

“We were able to execute a Streamlined Early Rate Lock on this near-stabilization asset due to its strong leasing performance and sponsorship,” NorthMarq Senior Vice President Bob Spiro said. “This allowed us to quickly rate-lock the transaction upon the subject hitting the occupancy, leasing and projected stabilization requirements for the Near-Stab program.”