DEAL OF THE DAY: NorthMarq Arranges $37M Mortgage for Two Phases of Apartment Project
Overland Park, Kan.--NorthMarq Capital has arranged first mortgage financing of $37 million for Stonepost Apartments.
Overland Park, Kan.–Greg Duvall, senior vice president and senior director of NorthMarq Capital’s Kansas City Regional office, arranged first mortgage financing of $37 million for Stonepost Apartments.
Financing was based on a 10-year term and was arranged for the borrower, Stonepost Apartments LLC, by NorthMarq through its correspondent relationship with Allianz Life Company of America. The 492-unit multifamily property is located at 12801 W. 136th Street in Overland Park, Kansas.
According to Duvall, the loan involved rolling together loans on Phase I & Phase II of the multifamily project. Allianz had the original phase I loan and they extended the term and added new debt related to Phase II.