NorthMarq Capital arranged $5.4 million mortgage for January Lane Townhomes in Grand Prairie, Texas
January Townhomes
LAS VEGAS (June 17, 2013) – Thomas J. Powell of NorthMarq’s Las Vegas regional office (Nevada License: 48816), and Paul Brighton of NorthMarq’s Dallas regional office, cooperated to arrange acquisition financing of $5.4 million for January Lane Townhomes located in Grand Prairie, Texas. The property consists of 55 townhome-style condominium units totaling 93,850 sq. ft. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Homebound Financial Group, through its relationship with a CMBS lender. “The sponsor had acquired an unfinished project in phases, completing the unfinished units, and then leasing to stabilization,” Powell said. “The complexity of financing a broken condo project shows the increased flexibility in the capital markets to perform when working with a quality borrower.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
