June 17, 2013

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

January Townhomes

Debt & Equity

Multi-Tenant

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.”

Available Multifamily properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.