NorthMarq Capital’s Omaha office arranges $20.75 million refinance of 1010 on the Lake in Omaha, Nebraska
OMAHA (September 14, 2016) – John Reed managing director of NorthMarq Capital’s Omaha-based regional office, arranged the $20.75 million refinance of 1010 on the Lake, a 193-unit multifamily property located at 1010 N 192nd Street in Omaha, Nebraska. The transaction was structured with a 15-year term and 25-year amortization. NorthMarq arranged financing for Village Lake Apartments, LLC through its correspondent relationship with New York Life Insurance Company. “Our client wanted to catch a rally in Treasuries before 1010 on the Lake was stabilized. New York Life appreciated the quality of the asset and outstanding ownership/management,” said Reed. “Therefore, they committed to locking a great 15-year fixed rate at 75 percent occupancy. The structure worked well for our client and New York Life.”
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