Multifamily

NorthMarq Capital’s Cincinnati office secured $4,337,500 acquisition financing for The Devereaux Apartments in Kansas City, Missouri

CINCINNATI (August 2, 2017) Noah Juran, vice president of NorthMarq Capital’s Cincinnati regional office, arranged acquisition financing of $4,337,500 for The Devereaux Apartments, a 60-unit multifamily property located in Kansas City, Missouri. The transaction was structured with a three-year loan term with 30 months interest-only and funding for 100 percent of property improvements and renovations. NorthMarq arranged financing for the borrower through a bridge lender.

“Our client is very active in acquiring well-located apartment communities with a value-add component. The borrower was very excited about this deal as they are achieving great success at a previously purchased and renovated, similar property in the Midtown neighborhood in Kansas City,” said Juran. “For the loan request, we spoke to several non-recourse bridge lenders and received multiple, competitive quotes. The loan was funded in 30 days from the date of the signed application.”

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.