NorthMarq Capital secures acquisition financing of $3,648,750 for Devereaux Apartments in Salt Lake City, Utah
CINCINNATI (August 9, 2018) – Noah Juran, senior vice president of NorthMarq Capital’s Cincinnati regional office, secured acquisition financing of $3,648,750 for Devereaux Apartments, a 30-unit multifamily property located at 130 South 900 East, Salt Lake City, Utah. The transaction was structured with a 3-year interest only term. NorthMarq arranged financing for the borrower through its relationship with a bridge lender.
“Our client was in a 1031 exchange and originally engaged a local bank lender for acquisition financing. The bank changed the loan terms late in their process and the borrower was concerned the deal would not close on time which would jeopardize the 1031 exchange,” said Juran. “We quickly engaged a bridge lender who provided very competitive loan terms that will facilitate the borrower’s value-add business plan. The loan was closed very quickly allowing the borrower to complete their 1031 exchange.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
