Northmarq’s Debt + Equity team secures refinancing for 403-unit mid-rise multifamily community in Richardson, TX
RICHARDSON, Texas — Northmarq’s Dallas Debt + Equity team, led by Kevin Leamy, arranged the refinancing of The Standard at CityLine, a 403-unit mid-rise multifamily community located at 1125 E. Renner Rd. in Richardson, Texas.
Northmarq arranged financing on behalf of the borrower — Price Realty Corporation — through a relationship with New York Life. The permanent fixed-rate financing is structured on a five-year term.
“It was great to execute the financing on such an irreplaceable asset for a local, strong sponsor,” Leamy said. “The asset garnered competitive financing feedback and ultimately New York Life set themselves apart from the field offering an early rate lock process in a volatile market. Northmarq appreciates the collaboration with both Price Realty and New York Life.”
The Standard at CityLine offers a mix of one- and two-bedroom apartment homes featuring modern interiors, hardwood flooring, spacious closets and granite countertops. The asset also offers residents an extensive amenity profile, including a 25-meter swimming pool, cabana with large-screen TVs, courtyard with fireplaces, BBQ grills, wellness studio and valet trash pickup.
Conveniently located within the Dallas-Fort Worth metroplex, the community provides residents with access to major transportation corridors, including U.S. 75 and the President George Bush Turnpike. The nearby CityLine DART station offers convenient connectivity to employment centers throughout the region, including downtown Dallas.
Completed in 2015, The Standard at CityLine is situated within Richardson's CityLine district, one of North Texas' premier mixed-use developments. The location benefits from proximity to major employment centers, retail amenities and regional transportation infrastructure, positioning the community to capitalize on continued population and job growth throughout the Dallas-Fort Worth metroplex.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
