Multifamily - Debt


NorthMarq secured acquisition financing of $3 million for Fairview 40 Place Apartments in Boise, Idaho

BOISE, IDAHO (October 21, 2019) – Steve Hollister, senior vice president of NorthMarq’s Boise and San Diego regional offices, secured acquisition financing of $3,000,000 Fairview 40 Place Apartments through a correspondent life insurance company. The transaction was structured on a 10-year permanent fixed loan with a 30-year amortization.  The asset was under construction when the borrower signed the loan application and locked the interest rate. The loan commitment allowed six months for the asset to be completed and stabilized with no premium in the interest rate. 

The Fairview 40 Place Apartments, located in Boise, Idaho, is two 3-story buildings and one 2-story building, containing six 1 bed/1 bath and thirty-four 2 bed/2 bath units. 

“This was a very attractive structure to the borrower, enabling them to eliminate interest rate risk well in advance of completion of construction and stabilization. The asset only needed to generate a certain NOI from tenants in occupancy to fund, without any additional stabilization period,” said Hollister. 

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.