Dealmaker: NorthMarq Capital Secures $86M for Mixed-Use, Multifamily

NorthMarq Capital, Minneapolis, secured $86.2 million for mixed-use and multifamily assets in Illinois, Missouri, Indiana and Washington.

In Edwardsville, Ill., near St. Louis, Mo., Northmarq Senior Vice President David Garfinkel finalized a $21.8 million construction loan for Whispering Heights, a Class A asset with 153 residential units and 18,700 square feet of retail space.

Illinois National Bank, Springfield, Ill., supplied the seven-year loan with 30 months of interest-only amortization during construction followed by a 30-year amortization schedule.

“Edwardsville is a prime and growing market,” Illinois National Bank Vice President of Commercial Banking Zach Lammers said.

The property, which upon delivery will be the tallest building in Edwardsville, will sit next to student housing development The Enclave.

Garfinkel also arranged $31 million in acquisition financing for Cedar Lakes Apartments, a 420-unit property in Lake Saint Louis, Mo., and a $4.3 million supplemental loan for Wildwood Apartments in Indianapolis, both through Northmarq’s Fannie Mae platform.

Cedar Lakes Apartments received a 10-year loan with a 30-year amortization schedule. The Indianapolis property received a five-year loan with a 30-year amortization schedule.

“[Wildwood Apartments] was a supplemental loan that was done five years after purchase,” Garfinkel said. “The borrower has done a rehab on the property and increased occupancy and rents and executed the supplemental, which was always the plan.”

NorthMarq’s Seattle office arranged $29.1 million to refinance 135-unit Edition Apartments in Bothell, Wash. Senior Vice President Bob Spiro secured the 10-year financing through NorthMarq’s in-house Fannie Mae team. “This loan was completed with the Fannie Mae near-stabilization execution,” he said. “We were able to lock rate and fund prior to stabilization.”