Northmarq secures $23 million acquisition loan for The District at SoCo apartments in Austin, TX

NASHVILLE, Tenn. (April 26, 2024) — Senior Vice President Jesse Lemos of Northmarq’s Nashville Debt + Equity team secured $23.6 million in acquisition financing for 215-unit multifamily property in Austin, Texas. Built in 2012, District at SoCo boasts an ideal location near Downtown Austin at 501 E. Oltorf Street.

Northmarq arranged financing on behalf of the borrower, through its in-house Fannie Mae team, which offered the lowest spread and full-term interest only. The transaction was structured on a 5-year term.

“Our borrower is local to Austin and excited to add this project to their portfolio. Additionally, while the project is market-rate, it boasts a natural affordability which made this a mission-driven loan for Fannie Mae,” said Lemos.

The mid-rise multifamily community is located less than 10 minutes from downtown, offering residents convenient access to dining, nightlife and recreation. The District at SoCo is in the heart of the South Congress neighborhood with easy access to Interstate 35. In addition to its ideal location, the pet-friendly property boasts a variety of amenities including a resort-style pool, 24-hour fitness center, leash-free dog park, outdoor kitchen and Amazon Lockers.