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