Dennis Williams, senior vice president and managing director of NorthMarq’s San Francisco regional office, arranged acquisition financing of $20 million for the Ironwood Multifamily Portfolio in Lawrence, Kan.
The portfolio consists of four off-campus student housing properties located near the University of Kansas. The properties are part of the Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes.
The properties contain a combined total of 445 units. Financing was based on a seven-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank.
“The lender was able to accommodate an extremely quick close, which was essential to the deal,” Williams said.
