Multifamily - Debt

NorthMarq Capital

NorthMarq’s Phoenix office arranges $8.9 million refinance of North Mountain Apartments

PHOENIX, ARIZONA (August 8, 2019) – James DuMars, senior vice president of NorthMarq’s Phoenix office negotiated refinancing of $8.9 million for North Mountain Apartments. The 140-unit multifamily property is located at 10001 North 7th Street in Phoenix, Arizona.  

Financing Details:
– 7-year term (with 3-years of interest only)
– 30-year amortization schedule
– Permanent-fixed
– NorthMarq arranged the financing for the borrower through its relationship with Freddie Mac

“This is a long time, experienced repeat customer whom we’ve arranged numerous Freddie Mac loans for. In order to capitalize on the drop in yields, all parties moved swiftly to execute an early rate lock on this optimal loan which also included prepay flexibility.”  

– James DuMars

Property Details:
– Community amenities include: Carport, covered parking, laundry facilities, on-site management, pool, public transportation and spa/hot tub.
– Apartment amenities include: Air conditioner, cable ready, carpeting, ceiling fan, dishwasher, disposal, efficient appliances, electronic thermostat, extra storage, large closets, patio/balcony, refrigerator, great views, window coverings and a pet-friendly policy. 
– The property is within close proximity to Pointe Golf Club, the North Mountain recreation area and shopping opportunities at Kierland Commons and Desert Ridge Market Place. 
– Nearby roadways include: 7th Street and Mountain View Road (next to Phoenix Mountain Preserve) are nearby and the property benefits from easy access to both freeways SR51 & I-17.

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.