Dealmaker: NorthMarq Arranges $61M For Industrial, Multifamily

NorthMarq, Minneapolis, arranged $61.2 million for industrial and multifamily assets in Washington, New Jersey and Florida. 

In Everett, Wash., NorthMarq Vice President Andy Finn and Scott Moline and Senior Vice President/Managing Director Bob Spiro arranged a $16.9 million construction loan for a joint venture between Onward Investors LLC and Latitude Development LLC. The venture is developing Baywood Park, a 234,175-square-foot industrial property at 200 West Marine View Drive.

A national bank supplied the non-recourse construction loan.

“We were able to provide very attractive non-recourse construction financing for this speculative industrial development,” Finn said. The facility on the Puget Sound waterfront has access to Interstate 5 and SR 529.

Working with Verus Commercial Real Estate Finance, New York, NorthMarq Senior Vice President and Managing Director secured a $13.2 million construction loan for The Opus Apartments. The 49-unit property on Ridge Road in North Arlington, N.J. received a two-year loan.

In Palm Bay, Fla., NorthMarq Senior Vice President and Managing Director Robert Hernandez arranged $31.1 million to refinance 462-unit Woodlake Village Apartments. The 10-year Fannie Mae loan included five years of interest-only payments. NorthMarq arranged financing for the borrower through its DUS relationship.

Built in 1975, Woodlake Village Apartments has three pools, two lighted tennis courts, picnic and grilling areas and a dog park.