Multifamily - Debt

NorthMarq Capital

NorthMarq Capital arranges $1,324,000 permanent loan for Dorson Apartments in Kansas City, Missouri

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. 

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.