August 20, 2013 – Alison Williams, vice president of NorthMarq’s Tampa regional office and Stephen Whitehead, senior vice president of NorthMarq’s Dallas regional office, arranged acquisition financing of $52.325 million for Monterone at Round Rock Apartments, a 583-unit luxury Class A multifamily property located at 7711 O’Connor Drive in Austin, Texas. ARA Austin-based principal, Patton Jones, represented the seller on the transaction. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
“Our loyal Toronto based client received the best pricing in the market for this Class A property at a sub 4% rate fixed for 10 years with two years interest only followed by a 30-year amortization schedule. Additionally our correspondent Life Company held the spread for 60 days from their initial quote to the time of application and rate lock despite the recent volatility in the market,” Williams said. “This project was distinctive in that almost all of the units were built as townhomes with direct access garages and very unique in that it had a full service spa with indoor pool on the property. It has a residential and resort feeling in a great location in Round Rock,” Whitehead stated. “The investor was pleased to be able to purchase the property at less than replacement cost which is a rarity in Austin these days,” Whitehead added.
