Northmarq’s Debt + Equity team led by Cheryl Higley and Ryan Shoars successfully arranged the refinancing of Wood River Apartments, a 199-unit multifamily community located in Corpus Christi, Texas.
The Northmarq team arranged the fixed rate financing, on behalf of the borrower, through its in-house Northmarq Edge lending program. The transaction was structured as a non-recourse loan, five-year fixed rate, full-term interest-only, and step down prepays.
“We were pleased to partner with this long-standing borrower to execute a refinance through our Northmarq Edge Platform,” Higley said. “The borrower has owned this asset for over 20 years, so they understand the value of certainty in execution, especially in today’s volatile lending environment. Structuring step-down prepays gave the borrower the flexibility and stability they needed while locking in a competitive fixed rate.”
Built in 1983, Wood River Apartments offers one-, two- and three-bedroom apartment floorplans across 17 two-story buildings. Units include an all-electric kitchen, balcony or patio, vinyl flooring, walk-in closets, central air and heating, and washer and dryer connections. Amenities include a swimming pool, pet-friendly grounds, and easy access to freeways and public transportation.
