Brett Hood, managing director at Northmarq’s Chicago debt/equity office, secured the more than $199 million recapitalization of 14 multifamily properties in Iowa, Nebraska and South Dakota.
Northmarq arranged financing for the borrower, Monitor Finance, based in Wayzata, Minnesota, through its in-house Fannie Mae DUS platform. Monitor is a large, long-time client of Northmarq.
The Fannie Mae refinancing includes 14 separate loans across the properties. The high-occupancy portfolio contains a total of 2,784 units all qualifying as “mission-driven” based upon the affordable in-place rents. Notably 98 percent of the units qualified as affordable for residents at 60 percent of Area Median Income.
All 17 properties had existing fixed rate agency debt with approximately six to eight years of loan term remaining.
The loan amounts ranged from $5.6 million to more than $36.8 million. All the loans were at 70 percent maximum loan-to-value, with a debt service coverage ratio of 1.25x.
Twelve of the properties are located in Greater Des Moines, Iowa; two are located in Davenport, Iowa; two are located in Omaha, Nebraska; and one is located in Sioux Falls, South Dakota.
The largest loans included:
Camelot Village: The 485-unit property in Omaha, Neb., received refinancing in the amount of $36,853,000.
Platinum Valley Apartments: The 264-unit property in Sioux Falls, S.D., received refinancing the amount of $24,141,000.
Village at Westchester: The 224-unit property in Des Moines, Iowa, received refinancing in the amount of $20,964,000.
Westwood Apartments: The 202-unit property in Omaha, Neb., received refinancing in the amount of $16,314,900.
Colonial Village and Woodland West: These two properties combined, totaling 168 units in West Des Moines, Iowa, received refinancing in the amount of $15,511,000.
