Brett Hood, managing director of Northmarq’s Chicago Debt + Equity office, successfully secured $16,095,000 in acquisition financing for Walnut Lake Apartments. The 180-unit garden-style apartment community is located in Urbandale, Iowa.
Northmarq utilized its Freddie Mac Optigo lending platform to arrange a permanent fixed-rate loan on behalf of the borrower – an affiliate of MLG Capital. As a valued partner and Freddie Mac Select Sponsor, MLG Capital benefited from a well-structured transaction with a five-year term and full-term interest only option at just below 6% fixed interest rate. All units at the property are designated as mission-rich with 80% AMI.
Conveniently situated just 14 miles northwest of Des Moines CBD off I-35 highway in Urbandale – the third-largest suburb of Des Moines – Walnut Lake Apartments offer residents easy access to demand drivers and employment hubs throughout the city and neighboring suburbs. Built-in 2016,the property boasts ample amenities both within each unit and throughout its community.
The article “Northmarq’s Chicago Office Secures $16M for Iowa MF” was originally published on Connect CRE.
