TODAY’S DEALS: NorthMarq Dallas Office Arranges Refinances Totaling $78.49M for Borrower

NorthMarq Capital negotiates refinancing of two properties in Colorado and Georgia; and Madison Realty sells a Manhattan portfolio for $23.4 million following the doubling of property values.

Dallas—Suzanne Jones, vice president of NorthMarq Capital’s Dallas-based regional office, negotiated the refinance of two multifamily transactions totaling $78.49 million. Financing for both transactions was arranged by NorthMarq for the borrower.

-Parc Belmar: The 512-unit multifamily property located at 7301 West Ohio Avenue in Lakewood, Colo., was financed at $73.64 million. The transaction was structured with a seven-year term with four years interest-only followed by a 30-year amortization schedule. NorthMarq arranged the acquisition financing through its seller/servicer relationship with Freddie Mac.

“Through our close relationship with Freddie Mac, we were able to secure fantastic terms for the borrower’s entry into the Colorado market,” says Jones. “The borrower has plans to spend additional capital to rehab and rebrand the asset as Ashford Belmar, which will enhance an already impressive property that includes a 27,000-sq.-ft. clubhouse, complete with an indoor Olympic size swimming pool and dog spa in the strong submarket of Lakewood, Colo.”

-Ashford Meadows Apartments: The 104-unit multifamily property located at 910 Wilton Lane, Lilburn, Ga., was refinanced at $4.845 million. The transaction was structured with a 10-year term and 30-year amortization and was arranged by NorthMarq for the borrower through its Fannie Mae-DUS affiliate.

“We were able to secure very favorable terms from FNMA for an asset that the borrower had been able to execute a strong value-add plan in a short amount of time,” says Jones.

528-538 West 159th StreetMadison Realty sells portfolio for $23.4M following doubling of properties’ values

New York—Madison Realty Capital (MRC), an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the sale of an uptown Manhattan real estate portfolio, comprised of several properties located at 528-538 West 159th Street, 220 West 149th street and 2546-2548 7th Ave., to an undisclosed foreign buyer for $23.4 million. The portfolio collectively includes 125 apartment units and two retail stores.

Josh Zegen, co-founder and managing member of MRC, made the announcement.

MRC initially purchased the properties from a regional savings bank for $10.5 million in December 2012. Over the past two years, the company executed an aggressive business plan for each property which included renovating and maximizing the apartment unit layouts, enhancing the rent roll and leasing the retail portion.

“This sale illustrates our ability to once again maximize a property’s value and generate investor interest by employing our vertically integrated platform,” says Zegen. “Our comprehensive asset management capabilities enabled us to transform these properties quickly and enhance their appeal. Not surprisingly, demand was significant for the portfolio when we put it on the market and we were able to secure a deal that was a ‘win-win’ for both MRC and the buyer.”

The brokers in this transaction were Yosef Katz and Roni Abudi from GFI Realty Services and Peter Von Der Ahe from Marcus Millichap.

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