NorthMarq Capital arranged $8.1 million mortgage for Village at Westmeadow Apartments in Colorado Springs, Colorado
Village at Westmeadow Apts
LOS ANGELES (February 21, 2013) – Mark Grace, vice president of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $8.1 million for the Village at Westmeadow, a 174,200 sq. ft. 208-unit, market-rate multifamily property located at 1265 Capistrano Point in Colorado Springs, Colorado. The property is located near Fort Carson and occupied by approximately 90% of military families. Financing was based on a 6-year interest-only term. NorthMarq arranged this financing for the borrower through its relationship with a non-correspondent life company lender. “This transaction has a 6-year interest-only term with a tenant-in-common borrower who requires post-closing modification for investor services,” said Grace. “The borrower needed flexible prepayment for the disposition period. The lender was able to structure an open prepayment window for the second half of the loan term.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
