Multifamily

NorthMarq Capital arranged $5.4 million mortgage for January Lane Townhomes in Grand Prairie, Texas

LAS VEGAS (June 17, 2013) – Thomas J. Powell of NorthMarq’s Las Vegas regional office (Nevada License: 48816), and Paul Brighton of NorthMarq’s Dallas regional office, cooperated to arrange acquisition financing of $5.4 million for January Lane Townhomes located in Grand Prairie, Texas. The property consists of 55 townhome-style condominium units totaling 93,850 sq. ft. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Homebound Financial Group, through its relationship with a CMBS lender. “The sponsor had acquired an unfinished project in phases, completing the unfinished units, and then leasing to stabilization,” Powell said. “The complexity of financing a broken condo project shows the increased flexibility in the capital markets to perform when working with a quality borrower.”

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.