Northmarq Arranges $28M Acquisition Loan for Multifamily Property in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — Northmarq has arranged a $28 million bridge loan for the acquisition of Presidio, a 202-unit multifamily property located in the northeastern Dallas suburb of Allen. Built in 1986, the property features a pool, fitness center, pet play area, outdoor grilling and dining stations and onsite laundry facilities. Kevin Leamy of Northmarq arranged the loan, which carried a three-year, interest-only term, through an undisclosed balance sheet lender. Taylor Hill, Michael Ware, Joey Tumminello, Drew Kile and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, 37th Parallel Properties, in the transaction. The borrower was also not disclosed.

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