Multifamily - Debt

NorthMarq Capital

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 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.