BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.
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LUBBOCK, TEXAS — Northmarq has arranged a bridge loan of an undisclosed amount for the acquisition of 34th Street Retail, a 42,152-square-foot strip center in Lubbock. The property was originally constructed in 1960. David Mott of Northmarq arranged the fixed-rate loan on behalf of the sponsor, NetCo Investments LLC. The direct lender was not disclosed.
WEST FARGO, N.D. — Northmarq has arranged a $5.8 million loan for the refinancing of The Lights-South in West Fargo. Constructed in 2020, the apartment building rises six stories with 36 units. The property at 3100 Sheyenne St. is part of a larger mixed-use development known as The Lights. Bill Mork of Northmarq arranged the 35-year loan through Northmarq’s in-house FHA/HUD team. EPIC Cos. was the borrower.
DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.
SAN ANTONIO — Northmarq has arranged the sale of Villa de Oro, a 150-unit apartment complex located southwest of downtown San Antonio. The property offers one- and two-bedroom units and amenities such as a pool, playground, clubhouse, basketball court and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The buyer, a locally based limited liability company, plans to implement a value-add program.
FORT WORTH, TEXAS — Northmarq has brokered the sale of The Borough Apartments, a 208-unit multifamily property in Fort Worth that was built in 1981. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 500 to 1,280 square feet. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq brokered the deal on behalf of the seller. Kevin Leamy, Lauren Bresky, Daniel Stickane and Patrick Elliott, also with Northmarq, arranged a nonrecourse, floating-rate acquisition loan that carried three years of interest-only payments on behalf of the buyer. Both parties requested anonymity.
SAN ANTONIO — Northmarq has brokered the sale of Brooks Townhomes, a 135-unit multifamily property in San Antonio. Built in 1974 on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, playground, basketball court, outdoor grilling and dining areas and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The team also procured the buyer, Los Angeles-based Convergence Capital Management, which plans to implement a value-add program.
UNIVERSAL CITY, TEXAS — Northmarq has brokered the sale of Aviation Place, a 61-unit apartment complex in Universal City, located northeast of San Antonio. According to Apartments.com, the property was delivered in 1961 and offers one- and two-bedroom units. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the buyer, Raybec Investment Group, in the transaction. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
LAWRENCE, KAN. — Northmarq has arranged the sale of 901 Lofts in Lawrence for $11.5 million. The apartment building rises seven stories with 55 units. Built in 2011, the property at 901 New Hampshire St. includes 20,843 square feet of commercial space. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, First Management Inc. Buyer information was not provided.
BELLEVUE, NEB. — Northmarq has provided a $29.9 million Freddie Mac loan for the refinancing of Fontenelle Hills in Bellevue, a southern suburb of Omaha. The multifamily property is comprised of 339 units across 36 buildings. Community amenities include a fitness center, pool, basketball court, walking trails and laundry facilities. Brett Hood of Northmarq structured the 15-year, fixed-rate loan. The borrower was undisclosed.