Northmarq secures $9.7M Fannie Mae loan for The Allure at 57 multifamily community

The Allure at 57
multifamily community

NORWALK, Iowa — Northmarq’s Newport Beach Debt + Equity team, led by Joe Giordani, Brendan Golding, and Scott Botsford, arranged $9.704 million in financing for The Allure at 57, a multifamily garden apartment community located at 2730 Jacobin Dr. in Norwalk, Iowa. Built in 2023, The Allure at 57 features 108 units.

The team arranged financing on behalf of the borrower through Northmarq’s in-house Fannie Mae DUS team. The loan features a 10-year fixed term with full-term interest only, a 5.19% rate (inclusive of a 2% buy down), 1.35x debt service coverage and 65% loan-to-value. The transaction was structured as a 1031 exchange upleg.

“We successfully navigated a compressed 1031 exchange timeline while securing financing for a first-time Fannie Mae borrower,” said Giordani.

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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