AUSTIN, TEXAS (February 22, 2021) – Chase Johnson, vice president of NorthMarq’s Austin office secured financing of $5.526 million for three multifamily properties consisting of a combined 106 units. Two of the properties are located in Corpus Christi and the other is located in Austin. Johnson arranged the three permanent-fixed loans for the borrower through his relationship with a Freddie Mac SBL.
“Freddie Mac allowed the borrower a cash out refinance on one property in Corpus Christi. The cash out proceeds were immediately used for the down payment for purchase of a new property. This allowed the borrower to tap into value created at an existing asset and expand their portfolio to a new market” said Johnson.
Village Flats: NorthMarq negotiated acquisition financing of $2.69 million for Village Flats. The 48-unit multifamily property located at 8930 Galewood Drive in Austin, Texas. The transaction was structured on a 30-year amortization schedule.
Symphony Apartments: NorthMarq arranged the $1,599,000 refinance of Symphony Apartments. The 24-unit multifamily property is located at 5808 South Alameda Street in Corpus Christi, Texas. The transaction was structured with a 30-year amortization schedule.
Weber Apartments: NorthMarq arranged acquisition financing of $1,237,000 for Weber Apartments. The 34-unit multifamily property is located at 3920 Brushwood Lane in Corpus Christi, Texas. The transaction was structured on a 30-year amortization schedule.