Multifamily

NorthMarq Capital arranged $15.75 million mortgage for Alta Steele Creek Apartments in Charlotte, North Carolina

CHICAGO (January 3, 2013) – Jeff Frankel, senior vice president and senior director of NorthMarq’s Chicago Regional office, and Charlie Robinson, senior vice president and senior director of NorthMarq’s Dallas Regional office, cooperated to arrange acquisition financing of $15.75 million for Alta Steele Creek Apartments, a 240-unit market-rate multifamily community located at 10830 Morgan Creek Drive in Charlotte, North Carolina. Financing was based on a 5-year interest-only term and was arranged for the borrower, a Midwest-based owner/operator of multifamily properties, by NorthMarq through its relationship with a correspondent life insurance company.

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 www.northmarq.com.