DENVER (October 9, 2018) – Jeff DeHarty, vice president of NorthMarq Capital’s Denver regional office, negotiated the $1,324,000 for Dorson Apartments, a 29-unit multifamily property located in Kansas City, Missouri. The transaction was structured with a 10-year term with 1-year of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, 912Benton LLC, through the Freddie Mac SBL program.
“Dorson Apartments is a historic asset in which the seller implemented a significant capital expenditure program, thus appealing as a turnkey acquisition opportunity for our client, Mr. David North. NorthMarq was happy to assist in accommodating our client’s 1031 deadline as a function of this acquisition, which also involved affordable housing HAP contract elements,” said DeHarty. “The NorthMarq team did an excellent job of navigating a complex transaction with multiple moving parts and deadlines, and for this I am thankful,” said North.