BOISE, IDAHO (October 12, 2021) – Steve Hollister, senior vice president of NorthMarq’s Boise office, arranged acquisition financing of $3.75 million secured by a 30-unit multifamily complex in Boise, Idaho. The complex consists of 18 two-bed/two-bath units and 12 three-bed/two-bath units in five buildings. It was developed in 1977 and renovated in 2019 and 2020.
The transaction was structured with a 5-year fixed-rate loan with one -year of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged the loan through its correspondent relationship with a life insurance company.
“As this loan facilitated the acquisition of the subject asset, certainty of execution and timing to meet the deadlines were critical. NorthMarq’s correspondent life insurance company was able to deliver on both. The loan was pre-screened and approved by the lender before the loan application was signed,” said Hollister. “In addition, the 5-year, fixed-rate, non-recourse loan with one year interest only and a par prepayment in the last three years provided the flexibility and structure the borrower was seeking to accomplish their business plan.”