SAN ANTONIO, TEXAS (June 20, 2019) – Bryan Leonard, senior vice president/managing director of NorthMarq’s San Antonio-based regional office arranged the refinance of Hidden Oaks Apartments. The 124-unit multifamily property is located in San Antonio, Texas. The permanent-fixed rate loan was structured with a 10-year term and included an initial interest-only provision followed by an amortizing payment schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“Our client was seeking to take advantage of the low interest rate environment to refinance the property. In a crowded market for multifamily loans, UNUM distinguished itself with competitive terms and its seasoned staff executed one of the smoothest and efficient transactions we have closed in a while,” said Leonard. “NorthMarq prides itself on representing our correspondents well and also in delivering exceptionally competitive solutions to match our clients’ business plans. This transaction exemplified that standard.”