NorthMarq Capital’s Kansas City office secures acquisition financing of $16.275 million for 239-unit mixed-use property in Bossier City, Louisiana
Villaggio
OVERLAND PARK (January 6, 2016) – Greg Duvall, senior vice president/managing director of NorthMarq Capital’s Kansas City based regional office arranged acquisition financing of $16.275 million for Villaggio, a 239-unit multifamily property located in Bossier City, Louisiana. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “This mixed-use property includes 239 apartment units plus office and retail space,” said Duvall. “The buyer/borrower identified an opportunity to significantly increase the value of this asset through the conversion of some vacant retail space into an incremental 15 residential units. While the property enjoys high residential occupancy, the retail portion has struggled historically. Freddie Mac provided a workable framework for such conversion that was still consistent with their desire to ultimately securitize this loan. Additionally, Freddie Mac’s underwriting team worked very hard through the holiday season to get this transaction closed in a very short time frame.”
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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.
