LOS ANGELES, CALIFORNIA (January 28, 2018) – Michael Elmore, executive vice president/managing director and Ory Schwartz, senior vice president/managing director of NorthMarq’s Los Angeles office, secured acquisition financing via a bridge loan of $37 million for Chapel Hill, a 280-unit multifamily property located at 9620 West Russell Road in Las Vegas, Nevada for Watt Multifamily Corp. The transaction was structured with a 3-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with a bridge/mezzanine lender.
Community amenities include: assigned covered parking, pet friendly, tot lot, 24-hour fitness center, resident clubhouse with great room, cyber lounge, resort style pool and spa with waterfall, acres of landscaping, easy access to 215, detached garages with remote control, business services, gated access and close proximity to restaurants, shopping and highly-rated schools. Apartment amenities include: five 1,2, and 3 bedroom floor plans, espresso cabinetry, 9ft ceilings, faux granite counter tops, goose neck kitchen faucets, full kitchen appliance package, breakfast bars, faux wood flooring, vaulted ceilings with plant shelves, two tone paint, full size washer and dryer, linen closets, dual walk-in closets, vanity seating, garden soaking tubs, and air conditioning.
“We were engaged on a tight frame and the lender was able to step-up quickly with an attractive quote,” noted Elmore. “The subject is situated in one of the valley’s most desirable locations. As a result, sponsor’s business plan is to renovate the units and increase rents over time,” added Schwartz.