HOUSTON--NorthMarq Capital has secured the refinance of Stonegate Apartments and Avenues at Tuscan Lakes, two multifamily assets located at 11111 Grant Road in Cypress and 1805 South Egret Bay Blvd. in League City, for $74.48 million.
Greg Duvall, senior vice president/managing director of NorthMarq's Kansas City base regional office, led the effort.
The transaction for Stonegate Apartments was structured with a 7-year ARM with 3-years' interest only. Avenues at Tuscan Lakes was financed with a 10-year fixed deal with 5-years' interest only. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
“Freddie Mac was able to provide and hold attractive loan terms at a very turbulent time in the market due to their strong relationships with this Kansas City-based client,” says Duvall. “In the last year, Freddie has closed eight loans with this client totaling over $250 million.”
The borrower, who has a 20-year relationship with NorthMarq/Freddie Mac, described the execution as “outstanding.”
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