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.
AUSTIN AND SCHERTZ, TEXAS — Northmarq has arranged three loans totaling $15.3 million for the refinancing of three industrial flex properties totaling 100,388 square feet in Central Texas. The properties comprise a 38,800-square-foot facility in Austin that was built in 1999 and was fully leased at the time of sale, as well as two properties in the northeastern San Antonio suburb of Schertz spanning a combined 61,588 square feet. The Schertz properties were constructed in 2018 and 2020 and were close to and fully leased at the time of the loan closing. Bryan Leonard of Northmarq arranged the debt through an undisclosed credit union. The borrowers were also not disclosed.
ROCKFORD, ILL. — Northmarq has arranged a $27.4 million Freddie Mac loan for the acquisition of Terra Creek Apartments in Rockford. The 278-unit multifamily property, located at 375 Bienterra Trail, was built in three phases in 1992, 2015 and 2019. Of the 278 units, 48 are townhomes. Amenities include a clubhouse, fitness center, community room, heated pool and sun deck. Brett Hood of Northmarq arranged the financing on behalf of the borrower, an affiliate of MLG Legacy Fund and its real estate investor manager MLG Capital. The 10-year loan features a fixed interest rate. Opposed to an outright sale, the undisclosed seller contributed its equity interest in the property to the fund in exchange for ownership units offering diversification across multifamily assets across the country. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq structured the $42.8 million contribution.
MOORE, OKLA. — Northmarq has arranged a $9.2 million bridge loan for the acquisition of Mansions South Apartments, a 146-unit multifamily property in Moore, a southern suburb of Oklahoma City. Built in 1972, the property comprises 12 two-story buildings that house one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse, volleyball and basketball courts and a playground. Bob Harrington of Northmarq arranged the loan, which features two years of interest-only payments. The borrower and direct lender were not disclosed.
CHAMPLIN, MINN. — Northmarq has arranged a $40 million loan for the refinancing of The Bowline at Mississippi Crossings in Champlin, a northern suburb of Minneapolis. The 212-unit luxury apartment community is located at 220 E. River Parkway. The property features views of the Mississippi River along with a pool, theater, coworking lounge, coffee bar and fitness studio. The Bowline is part of the larger master-planned development known as Mississippi Crossings. Monthly rents at The Bowline, which opened this year, average $1,905, according to Apartments.com. Patrick Minea of Northmarq arranged the fixed-rate, seven-year loan. A life insurance company provided the loan for the borrower, Minneapolis-based Greco.
SPRINGFIELD, ILL. — Northmarq has negotiated the sale of the Koke Mill Portfolio in Springfield for $29 million. The 308-unit multifamily portfolio consists of the following properties: West Koke Mill Village, Boysenberry Village and Smythberry Village. Parker Stewart of Northmarq represented both the undisclosed buyer and seller. David Garfinkel of Northmarq originated a $19.5 million Fannie Mae acquisition loan on behalf of the borrower.
IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.
WHITE PLAINS, N.Y. — Northmarq has arranged four loans totaling $12.8 million for the refinancing of four retail properties totaling 66,691 square feet in White Plains, a northern suburb of New York City. Tenants at the properties include The Men’s Warehouse, New Balance, Sherwin-Williams, Cycle Gear, Mattress Firm, AutoZone and Gothic Cabinet Craft. Robert Ranieri of Northmarq arranged the financing through PCSB Bank on behalf of the undisclosed borrower. Each loan carried a fixed interest rate, seven-year term and a 30-year amortization schedule.