Northmarq’s Miami office negotiates $9.2 million bridge loan for Mansions South Apartments in Moore, Oklahoma

MIAMI LAKES, FLORIDA (June 28, 2022) – Bob Harrington, vice president of Northmarq’s Miami debt/equity office, finalized a $9.2 million bridge loan for Mansions South Apartments. The 146-unit property (built in 1972) consists of twelve 2-story buildings and is located at 3507 North Service Road in Moore, Oklahoma.  The bridge loan was structured with a 2-year interest only term. Northmarq arranged the financing for the borrower through its relationship with a bridge/mezzanine lender. 

“Our team was able to source a lender who could accommodate the sponsor’s closing timeline and provide the necessary cap-ex dollars at the most competitive spread and minimum interest period,” said Harrington.  “The future funding component will allow the sponsor to make significant interior and exterior upgrades, improving the living experience for the tenants.”

Situated in Moore, the property contains the best of both worlds: a suburban feel, with urban amenities. The city is one of the largest in Cleveland County, and is only 10 miles south of the state capital, Oklahoma City. Resident of the property benefit from its close proximity to three shopping centers (Broadway Plaza, Santa Fe Street Shops and Santa Fe Plaza) all within 2.4 miles. A break from the urban lifestyle is just beyond the available retail/dining opportunities, with five parks within 11.6 miles, including Museum of Osteology (3.6 miles), South Lakes Regional Park (6.6 miles), and Myriad Botanical Gardens (8.2 miles). 

Community amenities include: Package service, laundry facilities, maintenance on site, property manager on site, 24-hour availability, renters insurance program, online services, pet care and pet play area, clubhouse, lounge, fitness center, playground, volleyball court, pool and basketball court. Apartment amenities include: High-speed internet access, Wi-Fi, in-unit washer/dryer, air conditioning, heating, ceiling fans, cable ready, satellite TV, tub/shower, dishwasher, disposal, kitchen, oven, range, refrigerator, hardwood floors, carpet, walk-in closets, window coverings, balcony and patio.