Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s Cincinnati office secured $4,337,500 acquisition financing for The Devereaux Apartments in Kansas City, Missouri

CINCINNATI (August 2, 2017) Noah Juran, vice president of NorthMarq Capital’s Cincinnati regional office, arranged acquisition financing of $4,337,500 for The Devereaux Apartments, a 60-unit multifamily property located in Kansas City, Missouri. The transaction was structured with a three-year loan term with 30 months interest-only and funding for 100 percent of property improvements and renovations. NorthMarq arranged financing for the borrower through a bridge lender. “Our client is very active in acquiring well-located apartment communities with a value-add component. The borrower was very excited about this deal as they are achieving great success at a previously purchased and renovated, similar property in the Midtown neighborhood in Kansas City,” said Juran. “For the loan request, we spoke to several non-recourse bridge lenders and received multiple, competitive quotes. The loan was funded in 30 days from the date of the signed application.”

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 $55 billion and the multi-year tenure of our more than 500 people.