NorthMarq Capital arranged $11 million mortgage for The Willows at Town Center in Las Vegas, Nevada
The Willows at Town Center
LOS ANGELES (January 28, 2013) – Mark Grace, vice president of NorthMarq’s Los Angeles regional office, and in cooperation with Thomas Powell and Marcy Olson of NorthMarq’s Las Vegas office (Nevada Licenses: 3738/48816/28910) arranged acquisition financing of $11 million for The Willows at Town Center, a 188-unit market-rate multifamily property located at 9145 Echelon Point in Las Vegas, Nevada. Financing was based on a 7-year term with 2 years of interest only and then a 30-year amortization schedule. NorthMarq arranged for the borrower, RK Properties, through its relationship with a correspondent life company lender. “This transaction has a 7-year term with 2 years interest only with a tenant-in-common borrower who requires post-closing modification for investor services,” said Grace. The borrower was able to close in a very short timeframe on a high-quality, high-profile transaction. The lender was able to perform a on a shortened timeframe allowing the borrower to transact smoothly on acquisition.”
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.
