DALLAS (November 30, 2017) – Carl Pankratz, vice president of NorthMarq Capital’s Dallas regional office, finalized the $15,786,000 refinance of The Azure, a 156-unit affordable housing property located in Midland, Texas. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
“The borrower is an excellent operator and I’m excited to continue building this long-term relationship,” said Pankratz. “The LURA allowed us to take advantage of a very low spread while allowing for a high leverage loan in a sometimes difficult submarket to finance. It was a pleasure to close the loan on this gorgeous asset with Freddie Mac. Freddie Mac’s dedication to providing affordable housing throughout the country makes it a very attractive execution to owners of properties with LURA, HAP or LIHTC arrangements. The Targeted Affordable Team at Freddie Mac went above and beyond to get this to the finish line.”