Northmarq announces $5,400,000 sale and financing of Phoenix on 10th in Great Falls, Montana
WALNUT CREEK, CALIF. (July 13, 2023) — Northmarq’s Zach LeBeouf and Anthony Pappageorge in the Walnut Creek investment sales office arranged the $5.4 million sale of Phoenix on 10th. The 59-unit multifamily property is located at 1801 10th Ave. South in Great Falls, Montana. Northmarq represented the buyer, a private client, in the sale.
Northmarq’s Nathan Prouty, senior vice president/managing director, and Briana Harney, vice president in the San Francisco debt/equity office, arranged the $3,907,000 financing for the buyer on behalf of its Fannie Mae platform. The permanent fixed loan was structured on a 10-year term with 5-years interest only followed by a 30-year amortization schedule. Northmarq was successful in providing the client with over 70% leverage on this transaction. This deal marks the first collaborative closing between the San Francisco debt and equity team and the investment sales team, who joined Northmarq’s platform earlier this year.
Built in 1953, the class B, 41,300 sq. ft. property is move in ready and was 97% occupied at the time of the sale. It is nestled in a very walkable community with three shopping centers within 2 miles. There are five parks within 5.9 miles of the property including the Lewis and Clark National Forest, only 3.3 miles away.
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