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 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.
