NorthMarq’s Chicago office arranges acquisition financing of $13,284,000 for Madison at Black Mountain in Henderson, Nevada

CHICAGO (February 8, 2019) – Brett Hood, senior vice president of NorthMarq’s Chicago regional office, arranged acquisition financing of $13,284,000 for Madison at Black Mountain, a 124-unit multifamily property located at 640 East Horizon Drive in Henderson, Nevada. The property benefits from a highly desirable suburban location within one of the fastest growing employment centers in the country. The loan represents 68 percent of the subject purchase price and 65 percent of the sponsor’s planned capital budget. The 7-year fixed rate loan features three years of interest-only followed by a 30-year amortization cycle with par prepayment during the final two years of the loan term. NorthMarq arranged the financing on behalf of a repeat borrower through its Freddie Mac seller/servicer relationship.

Originally developed in 1994, the property features 12 residential two-story buildings with a separate clubhouse/leasing office. Unit amenities include nine foot ceilings, full appliance packages including dishwasher, patio/balconies, central air, in-unit washer/dryers, and walk-in closets. Community amenities include a resort-style swimming pool, fitness center, playground, BBQ area, and business center.  

“The previous owner had recently completed common area capital upgrades along with interior renovations on 23 units demonstrating the ability to further increase rents,” said Hood. “The sponsor plans to continue the previous owner’s value-add strategy investing an additional $6,400/unit post-closing targeted predominantly for all remaining unit interiors.”

The property was acquired by a Chicago-based multifamily operator active in eleven states across the country. The subject represents the group's second investment in the Las Vegas market over the past 12 months.