Northmarq arranges sale, financing of Alta Tierra affordable housing community in Las Cruces, NM

LAS CRUCES, N.M. — Northmarq’s Phoenix Multifamily Investment Sales team led by Logan Baca, Jesse Hudson, Cynthia Meister and Chris Michl, in collaboration with its Debt + Equity team led by Chris Gitibin and Bryan Liu, successfully arranged the sale and acquisition financing of Alta Tierra, a 56-unit Low Income Housing Tax Credit (LIHTC) affordable housing community located 1500 E. Madrid Ave. in Las Cruces, New Mexico.

Northmarq represented the seller, Tierra DEL SOL Housing Corp. The buyer was Durango Capital Partners.

“The successful sale of Alta Tierra Apartments underscores the continued investor interest in well-located, affordable communities in growing markets like Las Cruces,” Baca said. “Working closely with both the seller and buyer, our team was able to navigate a nuanced transaction and deliver a result that met the objectives of all parties. This closing reflects the strength of the asset, the depth of the buyer pool for affordable housing, and the value of Northmarq’s integrated investment sales and debt platform.”

Northmarq arranged the permanent-fixed financing on behalf of the borrower, Durango Capital Partners, through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term.

“By leveraging Northmarq’s Fannie Mae platform, we structured a competitive, fixed rate solution that aligns with the borrower’s business plan while navigating today’s dynamic interest rate environment,” Gitibin said. “This transaction was complex with multiple regulatory agreements to consider but ultimately emphasizes our commitment to preserving affordable housing and supporting Fannie Mae’s affordable housing mission.”

The community consists of two-bedroom units, all designated for households earning 60% of the area median income (AMI) or less. Designed with families in mind, the property features a range of on-site amenities including a playground, laundry facility, a business center, shaded picnic ramada, and barbecue areas. Units include open floorplans, hallway storage and long walk-in closets.

Alta Tierra boasts a convenient location just off Interstate 25, providing convenient access to major retail centers and employers. It is within close proximity to New Mexico State University, and it is 48 miles from El Paso, Texas.