Northmarq arranges $5.4 million refinance of Nueces Lofts Apartments in Corpus Christi, Texas

SAN ANTONIO, TEXAS (November 10, 2021) – Bryan Leonard, senior vice president/managing director of Northmarq’s San Antonio office, completed the $5.4 million refinance of Nueces Lofts Apartments. The 64-unit multifamily property (built in 1929 as office and converted to multifamily in 2010) is located at 317 Peoples Street in Corpus Christi, Texas. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank. 

“The transaction was unique in that it involved the novation of an existing loan and the advance of additional funds at a competitive rate to address the borrower’s business plan. Our bank lender delivered a very cost effective and creative transaction,” said Leonard. 

The historic property, originally called the Sherman Building, was originally only six floors in height, with an additional four stories added in 1937 for a total of ten floors. The property sits within walking distance from Shoreline Boulevard, just two blocks west of Corpus Christi Bay at People Street and Chaparral.  As part of the office to multifamily conversion in 2010 made by the existing owner, the ground floor has been restored to its original historic appearance with wood store fronts and recovery of the original transom windows and tile work above and below the first-floor storefronts. The building's mechanical electrical and plumbing systems were completely replaced along with the new fire sprinkler system. The ground floor of the building houses the on-site management office and commercial space, and upper floors house studio, one- and two-bedroom loft apartment units.  Unit interiors were additionally renovated and improved again in 2018.

Community amenities include: Package service, laundry facilities, controlled access, property manager on-site, elevator, storage space, fitness center, sauna, fenced lot and waterfront access. Apartment amenities include: High-speed internet access, washer/dryer hookup, air conditioning, heating, ceiling fans, smoke free, cable ready, security system, storage units, tub/shower, sprinkler system, framed mirrors and wheelchair accessible rooms.