Kyle Tucker, vice president of NorthMarq Capital’s Kansas City regional office, arranged acquisition/rehab financing involving leaders of Lane4 Property Group and Jones Development Company to acquire Kenilworth Apartments in Prairie Village, Kansas.
This transaction was part of a five-property portfolio purchase encompassing 73 percent of the Prairie Village apartment stock.
“This was a perfect fit for Freddie Mac’s Value-Add program. Lane4 and Jones Development Company utilized the value-add program to capture more proceeds at a lower DCR than a conventional Freddie Mac loan,” explained Tucker. “The full term, interest-only loan is a great tool that allows borrowers to upgrade properties on a non-recourse basis, while maintaining the flexibility to roll into permanent debt at any time with no prepayment penalty.”
