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IowaNebraskaFinanceMultifamily

NorthMarq provides $73 million in financing for three apartment properties in Omaha and Iowa

April 15, 2021
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Brett Hood, managing director of NorthMarq’s Chicago-based regional office, secured more than $73 million in combined FHA debt recapitalizing three multifamily properties consisting of 721 total units located in Omaha, Nebraska, and Norwalk, Iowa, on behalf of Monitor Finance.

All three properties were previously encumbered FHA debt and thus eligible for HUD’s 223a7 refinance program. The program provided the sponsor an opportunity to lower its coupon rate, extend amortization and improve property cash flow with reduced debt service obligations.

Loan amounts ranged from $16.48 million to more than $34 million each structured with the typical 35-year term and amortization period. The subject transactions represent the final closing of a larger eight-property portfolio, following the funding of more than $89 million secured by five properties for the sponsor in late 2020.  

Two of the properties, Torrey Pines and Old Market Lofts, are located in Omaha. Torrey Pines was constructed in 1998 and features 264 one- and two-bedroom floorplans.

Old Market Lofts was originally constructed in 1901 as a warehouse but was redeveloped into a 265-unit apartment community in 2002. The property is in an ideal location in downtown Omaha and features one- and two-bedroom floor plans as well as ground floor retail.

High Pointe is located Norwalk, Iowa, just south of Des Moines. The 192-unit property was built in 2000 and features one-, two- and three-bedroom floorplans.

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