July 10, 2018
NorthMarq Capital’s Kansas City regional office arranged refinancing of $252.3 million for a 12-property multifamily portfolio in the Kansas City and Dallas markets, totaling 3,165 units. The transaction was structured with a 15-year term, with 10-years interest only, on a 30-year amortization schedule.
NorthMarq’s Greg Duvall, who arranged the financing, says, “This financing request represented a unique opportunity to provide a sizeable amount of capital to Price Brothers.”
He notes, “Fannie Mae offered very attractive financing that was well-aligned with Price Brothers’ long-term investment horizon. The 15-year terms with generous I/O and very competitive pricing enabled Fannie to win the business. Not only did Fannie deliver on their quote, they actually improved the loan proceeds and spread during the rate lock and final underwriting process.”
Connect Texas Multifamily is coming next month in Dallas. Use this link to get more information and register for the conference.
* Pictured Claremont Apartments, Overland Park, KS
For comments, questions or concerns, please contact Dennis Kaiser