LOS ANGELES (January 28, 2013) – Mark Grace, vice president of NorthMarq’s Los Angeles regional office, and in cooperation with Thomas Powell and Marcy Olson of NorthMarq’s Las Vegas office (Nevada Licenses: 3738/48816/28910) arranged acquisition financing of $11 million for The Willows at Town Center, a 188-unit market-rate multifamily property located at 9145 Echelon Point in Las Vegas, Nevada. Financing was based on a 7-year term with 2 years of interest only and then a 30-year amortization schedule. NorthMarq arranged for the borrower, RK Properties, through its relationship with a correspondent life company lender. “This transaction has a 7-year term with 2 years interest only with a tenant-in-common borrower who requires post-closing modification for investor services,” said Grace. The borrower was able to close in a very short timeframe on a high-quality, high-profile transaction. The lender was able to perform a on a shortened timeframe allowing the borrower to transact smoothly on acquisition.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
