Northmarq’s Debt + Equity team arranges refinancing of Wood River Apartments in Corpus Christi, TX
CORPUS CHRISTI, Texas — Northmarq’s Debt + Equity team led by Cheryl Higley and Ryan Shoars successfully arranged the refinancing of Wood River Apartments, a 199-unit multifamily community located in Corpus Christi.
The Northmarq team arranged the fixed rate financing, on behalf of the borrower, through its in-house Northmarq Edge lending program. The transaction was structured as a non-recourse loan, five-year fixed rate, full-term interest-only, and step down prepays.
“We were pleased to partner with this long-standing borrower to execute a refinance through our Northmarq Edge Platform. The borrower has owned this asset for over 20 years, so they understand the value of certainty in execution, especially in today's volatile lending environment. Structuring step-down prepays gave the borrower the flexibility and stability they needed while locking in a competitive fixed rate.” said Higley.
Built in 1983, Wood River Apartments offers one-, two- and three-bedroom apartment floorplans across 17 two-story buildings. Units include an all-electric kitchen, balcony or patio, vinyl flooring, walk-in closets, central air and heating, and washer and dryer connections. Amenities include a swimming pool, pet-friendly grounds, and easy access to freeways and public transportation.
Northmarq Edge is a proprietary lending platform offering in-house financing programs and tailored capital solutions for commercial real estate borrowers. Edge provides streamlined execution from underwriting through closing, delivering expanded access to capital and greater flexibility in structuring. With a focus on innovative deal structuring and certainty of execution, Edge helps in any market envrionment.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
