KANSAS CITY (November 17, 2014) – Greg Duvall, senior vice president/managing director of NorthMarq Capital’s Kansas City based regional office negotiated the $103.669 million refinance of three multifamily properties in Texas. The properties contain a combined 872-units and are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its Seller/Servicer relationship with Freddie Mac.
“The borrower was looking to refinance their existing bank debt and pull out some cash equity on these assets,” said Duvall. “Freddie Mac did a great job of providing very attractive loan terms on this pool of newly constructed and recently stabilized, class “A” multifamily assets. Two of these assets were financed with 10-year fixed rate loans with 5-years interest only. The third asset was financed with a 7-year variable loan with 3-years interest only
