Northmarq’s Kansas City office secures $42M Freddie Mac loan for 250-unit multifamily community

KANSAS CITY, Kan. (Nov. 20, 2024) — Northmarq’s Kansas City Debt + Equity team led by Greg Duvall, managing director, arranged the acquisition financing for The Sovereign at Overland Park, a 250-unit apartment complex located at 13310 Melrose Lane in Overland Park, Kansas.

Northmarq secured the $41,964,000 acquisition loan on behalf of the borrower, Sovereign Apartments, LLC, as a long-standing Freddie Mac Optigo lender.

“Freddie offered very compelling terms to the sponsor, with whom they have repeatedly transacted for more than twenty-five years. Freddie’s high degree of confidence in the sponsor’s capabilities, along with the superb quality of the real estate, made this a great fit for both parties,” said Duvall.

The permanent fixed-rate loan was structured on a 10-year term.

“We saw a perfect scenario come together on this transaction. Northmarq’s decades-long partnership with both Freddie Mac and this particular borrower enabled us to provide a loan that pushed the boundaries of the Agency program, at a time of market turbulence,” said Jeffrey Ketron, senior vice president and head of Northmarq’s Multifamily Agency Production. “So, for multiple reasons this collaboration between our Agency Team, our Debt + Equity team, and Freddie Mac, allowed the borrower to receive an exclusive and personalized aggressive loan structure and all-in rate.”

Built in 2013, The Sovereign at Overland Park offers pet-friendly one-, two- and three-bedroom apartment homes just 10 miles southwest of Kansas City. Each apartment features an in-unit washer and dryer, stainless steel appliances, private patio/balcony, granite countertops and more. Residents enjoy quick access to desirable employers, shopping and dining in an ideal location between major throughways US-69 and Monarch Highway. In addition to its location, the Class A community boasts an array of amenities including private garages, resort-style pool, gated pet park, 24-hour fitness center and more.

Learn more about Northmarq’s Freddie Mac financing offerings.