NorthMarq Capital arranges $13 million refinance for Multifamily Portfolio in Wichita Falls, Texas

LOS ANGELES (September 9, 2015) – Rob Hervey, executive vice president/managing director and Mark Dodson, vice president of NorthMarq Capital’s Los Angeles office arranged the $13 million refinance of a three property multifamily portfolio consisting of 588 units and located at 3611 & 4515 Maplewood Ave, 4700 Taft Blvd, Wichita Falls, Texas. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Although the properties are privately owned, the transaction was complicated by the fact that a large number of units were occupied by students from Midwestern State University and the school year roll-over occurred in the middle of the refinancing process. Established in 1922, the 255-acre campus of Midwestern State University is located in the city’s residential area. The University was recognized by US News and World Report’s list of “10 Public Schools with the Cheapest Out-of-State Tuition.” “The lender’s team worked closely with the borrower’s team to have the most current information to avoid significant changes in the terms,” noted Hervey. “This situation, along with market volatility, created a huge challenge in closing by the hard existing loan maturity date.”