OVERLAND PARK (April 5, 2016) – Kyle Tucker, vice president of NorthMarq Capital’s Kansas City based regional office arranged acquisition financing of $18.35 million for The Park at Eagle Creek, a 240-unit multifamily property located in Indianapolis, Indiana. The transaction was structured with a 10-year term with three years interest-only and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Block Funds of Kansas City, through its seller-servicer relationship with Freddie Mac.
“Freddie Mac provided an extended index lock which allowed Block Funds to mitigate its interest rate exposure during a relatively long sales contract period,” said Tucker. “Further, Freddie provided three years of interest- only during which the borrower will perform interior upgrades to the property.”