Multifamily - Debt

NorthMarq Capital arranged $11.76 million mortgage for Cold Storage Lofts in Kansas City, Missouri

OVERLAND PARK (April 29, 2013) – Greg Duvall, senior vice president and managing director of NorthMarq’s Kansas City regional office, arranged first mortgage refinancing of $11.76 million for Cold Storage Lofts, a renovated 224-unit affordable housing property located at 500 E. 3rd Street in Kansas City, Missouri. The asset is located in the historic River Market area adjacent to downtown Kansas City. This 6-story building was constructed in 1922 as a refrigerated warehouse and converted to 224 loft-style apartments in 2007. The property features underground parking with a rooftop swimming pool and jogging track. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through Freddie Mac’s Targeted Affordable Housing Program.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.