NM Community Receives $25M Refi
- Feb 15, 2019
The owner of a 370-unit apartment community in the small town of Hobbs, N.M., received $25 million in refinancing for the property. The transaction was structured with a fully amortizing 30-year term. NorthMarq Capital arranged the financing on behalf of the borrower through its in-house Fannie Mae platform.
Located at 1401 E Navajo Drive, Ledgestone Apartments consists of a mix of one-, two- and three-bedroom units ranging in size from 669 to 1,338 square feet. The community is about a five-minute drive from the border of Texas and is situated within close proximity to several schools, restaurants and shopping centers.
Amenities at the property include a gated outdoor space with patios and grills, a fitness center, swimming pool, spa, playground, basketball court, volleyball court, business center, clubhouse, lounge and library.
Griffin Martin and James DuMars of NorthMarq’s Phoenix office arranged the financing in the deal.
“We did an in-depth due diligence and I personally toured the market with our Fannie Mae group. This is a high quality asset with solid sponsorship and at a leverage level that was relatively enticing resulting in numerous suitors for the loan placement,” said Martin, in prepared remarks. “The borrower is a repeat Fannie Mae borrower and following loan funding expressed extreme satisfaction as to the ease of working with NorthMarq,” added DuMars.
Earlier this month, it was announced that The Wyndham Albuquerque Hotel and Conference Center would close and be converted into a 130-unit apartment community.
Image courtesy of NorthMarq