Brett Hood, SVP of NorthMarq’s Chicago office, secured $33,417,000 in combined agency debt facilitating the acquisition of four independent multifamily properties in Grand Forks, ND. The Freddie Mac financing allowed for four cross-collateralized loans ranging from $2,874,000 to $15,885,000 representing approximately 78.6% of the sponsor’s portfolio purchase price.

The collateral encompasses 691 units across four workforce communities with in-place average rent structures deemed affordable and qualified as mission-driven. The properties include Forest Park Apartments (269 units), Valley Park Manor (168 units), Southwind Apartments (164 units) and Landmark Estates (90 units).

The loans were structured with 15-year terms featuring seven years interest-only, followed by 30 years of amortization.
 
“The nature of Freddie Mac’s execution allowed for an effective and timely closing process, an impressive 40 days from application to funding across four loans,” said Hood. “The borrower also utilized Freddie’s index-lock feature during the due diligence period.”

Pictured: Forest Park Apartments.

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