Northmarq Capital LLC Arranges $29M in Financing for Two MF Properties
- Sep 27, 2013
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 crowdit
Photo Courtesy of: www.waterfordplaceaptskc.com