NorthMarq Capital arranges $11.094 million construction loan of Weslaco Ranch Apartments
Weslaco Ranch Apts
SAN ANTONIO (December 18, 2014) – Bryan Leonard, managing director of NorthMarq Capital’s San Antonio based regional office and Jamison Dove, investment analyst arranged a construction loan totaling $11.094 million for Weslaco Ranch Apartments, a 156-unit multifamily property located in the Texas Rio Grande Valley. The transaction, funded by a credit union, was structured with a 15-year year term with a two-year interest only period followed by a 25-year amortization schedule. Zapata Apartment Homes is the developer and will be breaking ground in January, 2015. “This transaction was a great fit for both the borrower and the lender,” said Leonard. “Security Service is expanding its footprint in the Rio Grande Valley region of Texas and understands the local market and demand for housing. The borrower is local to the market, relationship orientated and appreciated the lender’s efficiency in underwriting and closing the transaction. The borrower received a competitively priced loan package for the construction of new institutional market rate housing.”
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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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
