NorthMarq’s Chicago office arranges $30,699,000 in permanent financing for Rancho Mirage Apartments in Irving, Texas
CHICAGO, ILLINOIS (March 12, 2019) – Brett Hood, senior vice president of NorthMarq’s Chicago-based regional office facilitated $30,699,000 in permanent financing to recapitalize Rancho Mirage, a 310-unit multifamily property located at 1200 Hidden Ridge in Irving, Texas. The property resides within the renowned Las Colinas master-planned community just east of DFW International Airport. The 7-year fixed rate loan was structured with 3-years interest-only (followed by a 30-year amortization cycle) with par prepayment during the final two years of the loan term. NorthMarq arranged financing on behalf of a repeat borrower through its Freddie Mac Optigo seller/servicer relationship.
“The nature of Freddie Mac’s conventional fixed rate program allowed the sponsor to retire their existing ARM debt without incurring a prepayment/exit fee, completely eliminated interest rate risk during the loan term, and significantly increased the sponsor’s projected returns through extended interest only and reduced coupon rate,” said Hood. “The sponsor originally acquired the asset in early 2017 and since spent $2 million in property improvements overhauling the community amenity package and renovating roughly half the unit interiors.”
Originally developed in 1990, the property offers spacious units, nine-foot ceilings, wood burning fire places, walk-in closets, crown molding, and high end appliances, finishes, and fixtures. Residents enjoy the newly remodeled clubhouse/leasing office, resident lounge with billiards table and kitchen, lounge pool, 24-hour fitness facility, indoor racquetball court, gas BBQ grills, on-site laundry, and covered parking.
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