Multifamily

NorthMarq Capital arranges financing for Keystone at Alamo Heights Apartments acquisition

PHOENIX (January 11, 2018) – Phoenix-based Jevan Capital, PLLC is pleased to announce the purchase of the 224-unit Keystone at Alamo Heights Apartment complex.

Luke Donahue, senior vice president/senior director of NorthMarq Capital’s Phoenix regional office, arranged the joint venture (JV) equity and acquisition financing of Keystone at Alamo Heights. The financing package provided Jevan Capital more than 97 percent of the capital to be invested in the acquisition and repositioning of the subject. The 95/5 LP/GP JV equity investment was funded by a NorthMarq Capital insurance company correspondent and the acquisition loan was funded through a close relationship NorthMarq has with a top-tier debt fund.

Ryan Epstein’s team from Berkadia brokered the sale.

The property is located in the Alamo Heights neighborhood of San Antonio, Texas, roughly one mile from The Quarry Market.

Jevan will address the deferred maintenance, upgrade the interiors of the units, as well as improve the common areas of the property. Interior upgrades will consist of granite counters, new cabinet fronts, true stainless appliances, premium plank flooring, two-tone paint, modern fixtures and high-end front load washer dryers.

Jevan will also invest heavily in the property amenities, improve the aesthetics of the property, upgrade the common areas and clubhouse, and rebrand the property. A water saving program will be deployed using aerators, low water landscape, and special shower heads. Common area lighting will be converted to light-emitting diode (LED).

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit northmarqcap.wpengine.com.