Brett Hood, managing director of Northmarq’s Chicago Debt + Equity office, secured the $16.095 million acquisition financing for Walnut Lake Apartments, a 180-unit, garden-style apartment community in Urbandale, Iowa.
Northmarq arranged the permanent fixed-rate loan on behalf of the borrower, an affiliate of MLG Capital, through its Freddie Mac Optigo lending platform. MLG Capital, a valued partner and Freddie Mac Select Sponsor, benefited from a transaction structured with a 5-year term, full-term interest only and a fixed interest rate just below 6%. The property is mission-rich, with 100% of units designated at 80% AMI.
Walnut Lake Apartments is located within Urbandale, Iowa, just 14 miles northwest of the Des Moines CBD. Urbandale is the third-largest suburb of Des Moines, conveniently located off I-35, providing residents with excellent access to demand drivers and employment hubs throughout the city and neighboring suburbs. Constructed in 2016, the property offers ample in-unit and community amenities. Amenities include a heated swimming pool, fitness center, dog park, clubhouse/game room, bike rentals, heated garages and a catch-and-release pond.
