NorthMarq Capital completes $14.2 million refinance of Chateau at Hillsborough in Omaha, Nebraska via Fannie Mae’s Near-Stabilization Program

OMAHA (November 2, 2017) – John Reed, managing director of NorthMarq Capital’s Omaha regional office, arranged the $14.2 million refinance of Chateau at Hillsborough, a 114-unit multifamily property located at 4804 North 133rd Plaza in Omaha, Nebraska. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through Fannie Mae’s Near-Stabilization program. Apartment amenities include: one/two-bedroom floor plans; granite countertops; private patio or balcony; dine-in gourmet islands; bathrooms with shower/oversized bathtub; upgraded lighting package; tile/wood-look flooring; ceiling fans with overhead lighting; fully equipped stainless kitchen; full-size or stackable washers/dryers; spacious walk-in closets; track lighting; plush carpeting and upgrade options. Community amenities include: 24-hour fitness center; clubhouse; controlled access community; high-speed internet; storm shelter; spacious parking; organized resident activities; close proximity to shopping and dining; smoke-free community; dog park; dry-cleaning pick-up; wheelchair/disability friendly and furnished apartments available. “The Fannie Mae Near-Stabilization execution allowed us to put this loan under application while the property was still in lease-up (at 80 percent occupancy), without a rental achievement hurdle to lock rate or close,” explained Reed. “This was a full-leveraged loan, which makes the program particularly impressive—75 percent LTV, 10-year fixed rate, 2-years interest-only followed by a 30-year amortization. Our in-house Fannie Mae platform did an outstanding job of understanding the property and giving our excellent sponsor an outstanding execution with a smooth closing.”