It’s easy for commercial real estate professionals, whether they work in financing, development or brokerage, to forget that what they do can help rebuild communities.
Think of what happens when a new restaurant or retail center comes to an area. It pumps dollars into that community. These new buildings can sometimes provide the spark that turns communities into busy, vibrant neighborhoods.
But what about when a community is hit hard by a natural disaster? That happened in Joplin, Mo., back in May of 2011. A tornado devastated the area, leveling homes and wiping out commercial buildings throughout the region. It is estimated that the tornado caused as much as $2.8 billion of damages.
The human losses were even worse. The tornado killed at least 158 people. It ranked as the deadliest tornado since the one that struck Texas and Oklahoma in 1947.
Today, Joplin continues to rebuild from the disaster. And the commercial lenders at NorthMarq have played a small, but important, role.
Brent Blake, vice president of NorthMarq’s Kansas City regional office, recently arranged first mortgage refinancing of $7 million for the Joplin Plaza Apartments. The apartments are a 174-unit market-rate multi-family property. But what’s most important is that these apartments were no longer standing following the 2011 tornado.
The apartment complex, like so many other buildings, was completely destroyed by the powerful winds.
The property has since been rebuilt. And NorthMarq helped that process along with its 10-year refinance of the property.
“We were honored to arrange financing for the owners of this major Joplin apartment community and to have played a small role in the rebuilding of the city,” said Blake, in a written statement.
