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$24M Loan Structured for 336 Units
Scott Monroe with NorthMarq Capital arranged $23.8M in acquisition financing for Newport Village Apartments, a 336-unit multifamily property located at 1827 W. Gowan Rd. in North Las Vegas, NV. The borrower, which public records identify as Newport Holding 2017 LLC, paid a total of $31.5 million for the asset.
The transaction was structured as a 10-year term, with five-years of interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
The 17-year-old complex offers one and two-bedroom units, ranging from 748 to 1,130 square feet. Amenities include a fitness center, pool and spa, volleyball court and playground and a pet play area.
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