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Sep. 27, 2013

Northmarq Capital LLC Arranges $29M in Financing for Two MF Properties

By Gabriel Circiog, Associate Editor

Northmarq Capital LLC recently announced that Senior Vice President and Managing Director of the company’s Kansas City regional office Greg Duvall has arranged $29 million in financing for two multifamily properties: 302 Cabana Boulevard in Panama City, Fla. and Waterford Place Apartments in Overland Park, Kansas.

Located at 11220 West 108th Street in Overland Park, Kansas, Waterford Place Apartments is a 192-unit, market-rate multifamily property. NorthMarq arranged the refinancing for the borrower through its relationship with a correspondent life company lender. The refinancing was based on a 20-year term and a 20-year amortization schedule.

In other local news, The City of Springfield recently launched a campaign to build a roadside park celebrating the city’s history as the birthplace of Route 66. The City Council has unanimously approved the use of $100,000 in fund balance reserves from the ¼ cent Capital Improvement Sales Tax Fund to kick-start the development.

The City has partnered with locally-based Crowdit to crowdfund the most important elements of the roadside park. The crowdfunding project will go live at the kick-off party which will take place on Oct. 2. The first fundraiser will aim to cover the construction costs on a re-creation of the iconic Red’s Giant Hamburg sign. Other projects include a relocated motor court cottage with restrooms and a sign replica; a filling station replica, vending machines and visitor information; and a Birthplace of Route 66 sculpture.

For further information on the revitalization project visit: www.crowdit.com/route66sgf

Photo Courtesy of: www.waterfordplaceaptskc.com

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