July 31, 2021

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Mortgage News

NorthMarq Provides $73.2M in HUD-Insured Financing for Three-Property Multifamily Portfolio in Iowa, Nebraska

Old market lofts in Omaha are shown. The former warehouse was converted into apartments in 2002.

NORWALK, IOWA AND OMAHA, NEB. NorthMarq has arranged US $ 73.2 million in FHA debt to refinance a multi-family portfolio of three properties and 721 units in Norwalk, Iowa and Omaha. Torrey Pines and Old Market Lofts are both located in Omaha. Torrey Pines was built in 1998 and has 264 units. Old Market Lofts was originally built as a warehouse in 1901 and converted into 265 apartments in 2002. High Pointe is in Norwalk, south of Des Moines. The 192 unit property was built in 2000.

All three parishes were eligible for HUD’s 223 (a) (7) refinance program. Loan amounts range from $ 16.5 million to $ 34.8 million. Each loan has a term of 35 years and a payback period. Brett Hood of NorthMarq’s Chicago office arranged the loans on behalf of Monitor Finance.