NorthMarq’s Albuquerque office brokers and secures financing on two-property apartment sale totaling 452 units

Two Multifamily Properties
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ALBUQUERQUE, NEW MEXICO (May 27, 2021) – NorthMarq’s Albuquerque and Phoenix investment sales team of Cynthia Meister, Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the sale of Park Place Apartments in Las Cruces, New Mexico and The Bluffs at Tierra Contenta in Santa Fe, New Mexico to San Diego based Clipper Capital Group. NorthMarq’s Newport Beach debt & equity team of Joe Giordani and Brendan Golding placed Freddie Mac and Fannie Mae acquisition financing on the properties. 

Park Place, the 292-unit multifamily apartment is located at 3245 East University, in Las Cruces, New Mexico. The property benefits from being within one and one-half miles of New Mexico State University with a student population of over 22,000.

Built in 2000, The 160-unit value-add Bluffs at Tierra Contenta located at 6600 Jaguar Drive, in Santa Fe, New Mexico is a garden-style community located in the Southwest Santa Fe submarket. 

The investor plans on implementing a value-add enhancement on both properties including interior and exterior renovations. 

“Park Place and Bluffs at Tierra Contenta offered a unique combination of market stability and value add opportunity. As cap rates continue to compress in major markets investors are going to great lengths to find opportunities in tertiary markets throughout the Southwest.” Says NorthMarq’s Vice President, Cynthia Meister. 

“The borrower secured 10-year fixed rate financing through Freddie Mac for Park Place and Fannie Mae for Bluffs at Tierra Contenta. One was full term interest only while the other had 5 years interest only. This tandem financing happened seamlessly through the NorthMarq platform to ensure the client successfully executed their 1031 exchange in time,” said NorthMarq’s Managing Director, Joe Giordani. 

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.

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