Dealmaker: NorthMarq Secures $64M for Resort, Multifamily Assets
NorthMarq, Minneapolis, arranged $64.2 million in financing for lodging and multifamily properties in Colorado and Florida.
NorthMarq Vice President Brian Fisher arranged the $23 million refinance of Mount Princeton Hot Springs Resort. The 63-acre Nathrop, Colo. resort three hours southwest of Denver has 105 guest rooms, a wedding pavilion, restaurant, bar and conference center.
“The borrower required a non-recourse loan with prepayment flexibility and limited property improvement plan reserve for an incredibly well-performing asset in a remote location,” Fisher said. “We immediately targeted a regional credit union with knowledge of the asset.”
Fisher said the 10-year non-recourse loan with two years of interest-only payments met all the borrower’s needs. “The loan will also allow the borrower to execute an expansion plan that will further improve the property’s financial performance,” he said.
NorthMarq also arranged $41.2 million in acquisition financing for The Bentley at Maitland in Orlando, Fla. Managing Director and Senior Vice President Melissa Marcolini Quinn and Vice President/Senior Investment Analyst Robert Rothaug structured the 10-year loan with five years of interest-only payments followed by a 30-year amortization schedule.
Marcolini Quinn and Rothaug arranged financing for borrowers Enzo Multifamily and Moneil Investments through Freddie Mac’s Green Advantage program.
Marcolini Quinn noted her clients liked Orlando’s market fundamentals “and jumped on the opportunity to acquire this property in the desirable submarket of Maitland,” she said. “For this transaction, we structured an Index Lock at application to protect against upward rise in the Treasury yield and also provided funding for green improvements under Freddie Mac’s Green Advantage program.”