Mixed Use - Debt

NorthMarq Capital

Brett Hood of NorthMarq Capital’s Chicago office arranges construction take-out financing of $14,057,000 for mixed-use property in Phoenix, Arizona

CHICAGO (May 2, 2018) – Brett Hood, senior vice president of NorthMarq Capital’s Chicago regional office, arranged construction take-out financing of $14,057,000 for Union at Roosevelt, an 80 unit/9,100 sq. ft. Class A mixed-use property with attached parking located at 888 North 1st Avenue in Phoenix, Arizona. The transaction was structured with a 10-year term with 5-years of interest only. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Property features include: high speed internet access/Wi-Fi, washer/dryer, air conditioning, and heating, ceiling fans, smoke free environment, cable ready, double vanities, tub/shower, sprinkler system and wheelchair accessible rooms. Property services include: package service, controlled access, maintenance on site, property manager on site, concierge, courtesy patrol, furnished units, on-site retail, renters insurance program, online services, dry cleaning, energy star certified, planned social activities and a health club discount. “The transit-orientated development is located just north of downtown immediately across the street from the Valley metro light rail within the historic Roosevelt neighborhood,” noted Hood. “The transaction posed a number of unique challenges, including a tax abatement structure unique to Arizona, whereby the tax abatement was effectuated through a ground lease (leasehold position) with the city; corporate master lease for 20 percent of the residential units; limited operation history; funding based upon trailing 1-month collections and a first-time Freddie Mac sponsor.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.