CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Avertine Apartments, a 240-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.
BUFFALO, MINN. — Northmarq has provided a $6.8 million Fannie Mae loan for the refinancing of Evergreen Square Apartments in Buffalo, about 40 miles northwest of Minneapolis. The 78-unit apartment community, built in 1990, is located at 911 6th Ave. The three-story property features amenities such as laundry facilities and a playground. Mike Padilla of Northmarq originated the seven-year loan, which features a fixed interest rate and a 35-year amortization schedule.
MINNEAPOLIS — Northmarq has arranged a $9.5 million agency loan for the refinancing of Isles East and West, an 85-unit apartment complex in Minneapolis. Originally built in 1922, the property rises three stories and features laundry facilities, a courtyard and car charging stations. Mike Padilla of Northmarq arranged the five-year, fixed-rate loan, which features three years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.
DES MOINES, IOWA — Northmarq has arranged a $2.6 million loan for the acquisition of an 11,990-square-foot retail property occupied by KinderCare in Des Moines. The daycare facility, built in 2021, is located at 865 S. 51st St. Mike Padilla of Northmarq arranged the 10-year loan, which features a 30-year amortization schedule. A local bank provided the loan for the undisclosed borrower. Founded in 1969, KinderCare operates more than 1,500 centers across the country.
FRISCO, TEXAS — Locally based firm Centergy Retail will develop Lexington Village, a 90,000-square-foot retail project that will be located on the northern outskirts of Dallas in Frisco. Grocer Tom Thumb has committed to anchoring the center with a 58,000-square-foot store that will include a pharmacy and a coffee bar. The store, which is scheduled to open in spring 2024, will be located within a larger, 600-acre master-planned development that will ultimately feature about 4,700 single-family and multifamily residences. Bobby Weinberg and Mason Brower of Northmarq arranged a $25.4 million construction loan through an undisclosed bank on behalf of Centergy Retail. The financing was structured with a five-year term with three years of interest-only payments followed by a 25-year amortization schedule.
VINCENNES, IND. — Northmarq has arranged the $5.2 million sale of Kimmell Crossing, a 44,962-square-foot retail center in Vincennes, a city in Southwest Indiana. Located on Kimmell Road and built in 1997, the property was fully leased to 10 tenants at the time of sale. Some of the tenants include Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile and CATO. Ryan Roedersheimer of Northmarq represented the seller, DPPM Management, which acquired the asset in early 2022 from Regency Properties. A local investor completing a 1031 exchange was the buyer.
HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 17,250-square-foot industrial flex property located at 850 E. Little York Road in Houston. According to LoopNet Inc., the property was built in 1975 and features 12-foot clear heights, two dock-high doors and six drive-in doors. Michael Borden of Northmarq arranged the nonrecourse loan, which carried a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
HOUSTON — Northmarq has arranged a $5.5 million acquisition loan for a 72,649-square-foot industrial flex property in northeast Houston. Matt Franke of Northmarq arranged the loan, which carried a five-year term and a 25-year amortization schedule, through a national bank. The borrower was not disclosed. According to LoopNet Inc., the property at 6410 Cavalcade St. was built on 4.9 acres in 1976 and features 17- to 22-foot clear heights.
ROCHESTER, MINN. — Northmarq has provided a $12.5 million Freddie Mac loan for the acquisition of Timberland Heights in Rochester. The 147-unit multifamily property, built in 1975, is located at 1515 41st St. NW. Amenities include a fitness center, pool, clubhouse, playground and laundry facilities. Mike Padilla of Northmarq originated the 10-year loan, which features four years of interest-only payments and a 30-year amortization schedule. The borrower was not provided.
OMAHA, NEB. — Northmarq has arranged a $5.3 million loan for the refinancing of Clocktower Village in Omaha. The retail strip center spans 44,000 square feet and is located at 605 N. 98th St. John Reed of Northmarq arranged the fixed-rate loan, which features a 10-year term and a 25-year amortization schedule. A local credit union provided the loan.