Converted Reno Community Refinances

1 min read

The Fannie Mae mortgage pays down a construction loan taken in 2017 to transform the 46-year-old former office building.

Loft 205. Image via Google Street View

The Grupe Co. has refinanced Loft 205, a 60-unit community in Reno, Nev., with an $8.6 million Fannie Mae loan. NorthMarq Capital brokered the 10-year, non-recourse mortgage which has an interest rate of 3.98 percent and full-term interest-only payments, per Yardi Matrix data.

The new mortgage retires a $7.8 million construction loan provided by Poppy Bank. Grupe had acquired the 1971-built property—then an office building—in 2017, utilizing the financing to convert the asset the following year, according to Yardi Matrix. In addition to apartments, the seven-story structure contains 2,636 square feet of retail and parking on its lower levels.

Located on a 0.3-acre parcel at 205 S. Sierra St., Loft 205 is on the edge of downtown Reno and less than a mile and a half south of the University of Nevada Reno’s campus. The transit-oriented property is a block away from the Truckee River and has multiple shopping and dining options within walking distance.

The NorthMarq team representing the borrower included Senior Vice President Eric Flyckt and Vice President Aaron Beck.

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