NorthMarq Capital arranges value-add financing for Kenilworth Apartments
OVERLAND PARK (October 16, 2017) – Kyle Tucker, vice president of NorthMarq Capital’s Kansas City regional office, arranged acquisition/rehab financing involving leaders of Lane4 Property Group and Jones Development Company to acquire Kenilworth Apartments in Prairie Village, Kansas. This transaction was part of a five-property portfolio purchase encompassing 73 percent of the Prairie Village apartment stock. “This was a perfect fit for Freddie Mac’s Value-Add program. Lane4 and Jones Development Company utilized the value-add program to capture more proceeds at a lower DCR than a conventional Freddie Mac loan,” explained Tucker. “The full term, interest-only loan is a great tool that allows borrowers to upgrade properties on a non-recourse basis, while maintaining the flexibility to roll into permanent debt at any time with no prepayment penalty.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
