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Northmarq’s Brett Hood Arranges $200M Recap
Brett Hood, managing director at Northmarq’s Chicago debt/equity office, secured a $199,088,900 recapitalization of 17 multifamily properties in Iowa, Nebraska and South Dakota. Northmarq arranged financing for the borrower, Wayzata, MN-based Monitor Finance, a longtime client, through its in-house Fannie Mae DUS platform.
The high-occupancy portfolio contains a total of 2,784 units all qualifying as “mission-driven” based upon the affordable in-place rents. All 17 properties had existing fixed rate agency debt with approximately six to eight years of loan term remaining.
“It was a large opportunity with a very experienced client on assets producing historically strong cash flow growth,” said Hood. “Because of the affordability component, both Fannie Mae and Freddie Mac were both very aggressive in competing for the refinance business.”
Twelve of the properties are located in Greater Des Moines, IA; two are in Davenport, IA; two are in Omaha; and one is in Sioux Falls, SD.
- ◦Financing
