NorthMarq’s arranges $18,011,000 in acquisition financing for Tides on 17th in Phoenix, Arizona
PHOENIX, ARIZONA (June 15, 2021) – Griffin Martin, senior vice president/managing director and James DuMars, senior vice president/managing director of NorthMarq’s Phoenix debt/equity team secured acquisition financing of $18,011,000 for Tides on 17th. The 160-unit multifamily property is located at 5656 North 17th Avenue in Phoenix, Arizona. The transaction was structured with a 10-year term with 5-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent floating loan for the borrower through its Optigo status as a Freddie Mac lender.
The property benefits from its location in Midtown Phoenix, which offers a variety of rental communities within close proximity to major highways, the light rail and Downtown Phoenix. Residents may also easily access numerous dining options and retail opportunities in the area. Tides on 17th is also situated near numerous recreational activities/parks and is within four miles of three places of higher education (Phoenix College – 3.0 miles; Grand Canyon University—3.0 miles and DeVry University Arizona—3.9 miles).
“The client had numerous finance alternatives at the time of acquisition but selected NorthMarq/Freddie Mac due to their certainty of execution, excellent loan terms and integrated direct lending platform,” said Martin.
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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.
