NorthMarq negotiates $8 million refinance of Maple Ridge Apartments in Omaha, Nebraska

Maple Ridge Apts
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MINNEAPOLIS, MINNESOTA (June 2, 2021)  -- Bill Mork, vice president and Patrick Minea, executive managing director in NorthMarq’s Minneapolis office arranged the $8 million financing of the Maple Ridge Apartments. The 174-unit multifamily property is located in Omaha, Nebraska. The transaction was structured with a 15-year term and 30-year amortization. The permanent, fixed-rate, non-recourse loan was funded through one of NorthMarq’s life company correspondents.  

“The objective was to issue a proposal that provided the borrower the requested loan proceeds with an aggressive interest rate and deal structure to improve their overall return on investment,” said Mork. “The non-recourse loan achieved this objective and was structured with a long-term, fixed interest rate just above 3% and a flexible prepayment schedule. In addition, our life company correspondent is offering 12-month interest only options at any point during the loan term and at the time of the borrower’s choosing, which is an attractive and unique option.” 

 

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.