VICTORIA, TEXAS — Northmarq has negotiated the sale of Stratford Place, a 110-unit apartment complex in Victoria, about 100 miles north of Corpus Christi. The property was built in 1980 and consists of 10 two-story buildings. Moses Siller, Zar Haro, Phillip Grafe and Bryan VanCura of Northmarq represented the seller, 3CM Multifamily, in the transaction. Additional terms of sale, including the name of the buyer, were not disclosed.
OVERLAND PARK, KAN. — Northmarq has arranged the sale of Antioch Crossing in Overland Park for $10 million. The 90-unit, three-story multifamily property, built in 1968, is located at 8710 W. 106th Terrace near I-435. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. Greg Duvall and John Duvall of Northmarq arranged acquisition financing through an agency lender on behalf of the buyer, Balfour Real Estate, which plans to renovate the majority of the units.
CHESTERFIELD, MO. — Northmarq has arranged a $23.5 million loan for the construction of the Terraces at Wildhorse Village in Chesterfield, a western suburb of St. Louis. The 70-unit, luxury build-to-rent project is part of the larger Wildhorse Village, a $500 million mixed-use development. Each of the townhomes will feature three bedrooms spanning 2,250 square feet and include two-car garages. Construction is expected to begin later this summer and be completed in roughly 12 months. David Garfinkel of Northmarq arranged the five-year, fixed-rate loan through regional bank INB. St. Louis-based Pier Property Group (PPG) was the borrower. The Terraces will be located immediately adjacent to the Flats at Wildhorse Village, PPG’s 266-unit luxury apartment development that is slated for completion in fall 2023.
MISSION, TEXAS — Northmarq has arranged the sale of Bella Rose, an 84-unit apartment complex located in the Rio Grande Valley city of Mission. Built in 2008, the property features units with renovated interiors and amenities such as a pool, fitness center and onsite maintenance and management. Zar Haro, Moses Siller, Phillip Grafe and Bryan VanCura of Northmarq represented the seller in the transaction. The buyer, an entity doing business as AZTEX RE Investments LLC, plans to combine Bella Rose with the neighboring 80-unit property that it purchased earlier this year.
SAN ANTONIO — Northmarq has brokered the sale of Judson Meadows, a 28-unit apartment complex in San Antonio. The property was built in 2007 and offers a playground, dog park and outdoor picnic areas. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.
AUSTIN, TEXAS — Northmarq has arranged three bridge loans totaling $43.7 million for the acquisition of five multifamily properties in Austin. The properties include Mueller I and II, which feature a combined 110 units and are located in the Windsor Park area; Villas at Mueller, a 124-unit community; the 40-unit Spanish Trails Apartments; and the 51-unit Miller Square Apartments. Chase Johnson and Brian Fisher of Northmarq originated the financing on behalf of the borrower, Zion Capital. The direct lenders were not disclosed.
KALAMAZOO AND OKEMOS, MICH. — Northmarq has arranged a $12.2 million loan for the refinancing of two Staybridge Suites hotels in Michigan. The Kalamazoo property, located at 2001 Seneca Lane, was built in 2006. The Okemos hotel, located at 3553 Meridian Crossing Drive, was built in 2008. Each hotel features 95 rooms and rises three stories. Jeff Dietz of Northmarq arranged the fixed-rate loan, which features a five-year term and a 25-year amortization schedule. A life insurance company provided the loan to the borrower, Hotel Development Services LLC, which will use the loan proceeds to take out maturing CMBS loans. The Staybridge Suites brand targets extended-stay and corporate travelers.
PORTLAND, TEXAS — Northmarq has arranged the sale of Sun Valley Apartments, a 120-unit multifamily complex in Portland, located outside of Corpus Christi in South Texas. The property was originally built in 1968 and offers a pool and onsite laundry facilities. Zar Haro and Phil Grafe of Northmarq represented the seller, McGuire Family Properties, in the transaction. The undisclosed buyer plans to implement a value-add program.
HOUSTON — Northmarq has arranged an undisclosed amount of acquisition financing for a portfolio of three multifamily assets totaling 1,134 units that are located throughout the metro Houston area. Sedona Square is a 250-unit property that was built in phases in the early 1980s and offers one-, two and three-bedroom apartments. Verano was constructed in 1980 and totals 312 units in one- and two-bedroom formats. Rock Creek at Hollow Tree, also constructed in 1980, comprises 572 residences in one-, two- and three-bedroom floor plans. James Currell, Joel Heikenfel and Emily Balazi of Northmarq arranged the debt through an undisclosed bridge/mezzanine lender on behalf of the borrower, Dallas-based WindMass Capital.
EDWARDSVILLE, GLEN CARBON AND HIGHLAND, ILL. — Northmarq has arranged a $12.5 million loan for the refinancing of a five-property retail portfolio in metro St. Louis. The centers, built between 1998 and 2019, total about 110,000 square feet and are located in Edwardsville, Glen Carbon and Highland. Jeff Chaney of Northmarq arranged the fixed-rate loan, which features a 20-year term and a 20-year amortization schedule. A life insurance company provided the loan to the borrower, R.L.P. Development Co. Inc.
