NorthMarq arranged financing of $3.425 million for the acquisition of townhomes in Twin Falls, Idaho
BOISE, IDAHO (February 4, 2021) – Steve Hollister, senior vice president of NorthMarq’s Boise and San Diego regional offices, arranged $3,425,000 in permanent financing to facilitate a purchase transaction of an apartment complex located in Twin Falls, ID. The transaction was structured with a 10-year fixed loan on a 30-year amortization schedule. The loan funded in February 2021. NorthMarq/Fannie Mae won this business by providing certainty of execution with the highest loan proceeds at an interest rate that was lower than most offered by competing lenders. The loan was non-recourse to the borrower entity with no personal carve-out guarantees to the principals. Replacement reserves and repair escrows were also waived.
“NorthMarq’s Fannie Mae team was outstanding from quote to close,” said Hollister. “This loan was their third loan in the Twin Falls MSA. They know and like the submarket.” NorthMarq arranged the financing as a direct DUS lender for Fannie Mae.
The asset consists of a 38-unit multifamily community consisting of nine 2-story, 4-plex buildings and one single story, duplex building. The complex was completed in July of 2020 and was fully leased shortly thereafter.
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