Northmarq’s Kansas City Debt + Equity team led by Greg Duvall, managing director, arranged the acquisition financing for The Sovereign at Overland Park, a 250-unit apartment complex located at 13310 Melrose Lane in Overland Park, Kansas.
Northmarq secured the $41,964,000 acquisition loan on behalf of the borrower, Sovereign Apartments, LLC, as a long-standing Freddie Mac Optigo lender.
The permanent fixed-rate loan was structured on a 10-year term.
Built in 2013, The Sovereign at Overland Park offers pet-friendly one-, two- and three-bedroom apartment homes just 10 miles southwest of Kansas City. Each apartment features an in-unit washer and dryer, stainless steel appliances, private patio/balcony, granite countertops and more. Residents enjoy quick access to desirable employers, shopping and dining in an ideal location between major throughways US-69 and Monarch Highway.
In addition to its location, the Class A community boasts an array of amenities including private garages, resort-style pool, gated pet park, 24-hour fitness center and more.
