NorthMarq secures sale and acquisition financing for Park Place in Las Cruces, New Mexico
NEWPORT BEACH, CALIFORNIA (June 25, 2021) – Joe Giordani, senior vice president/managing director and Brendan Golding, vice president of NorthMarq’s Newport Beach office arranged acquisition financing for Park Place. The 292-unit multifamily property (1989 vintage) is located at 3245 E University Avenue, Las Cruces, New Mexico. The fixed rate loan was structured with a 10-year term with 10-years of interest only payments. NorthMarq arranged financing for the borrower through its status as a Freddie Mac Optigo lender.
The property benefits from being within one and one-half miles of New Mexico State University with a student population of over 22,000. Apartment amenities include: Spacious floor plans, washer/dryer connections, fireplaces, patio/balcony, ceiling fans, outside storage and fully equipped kitchens. Community amenities include: Business center, dog park, pet-friendly policy, two pool, club house and volleyball court. The investor plans on implementing a value-add enhancement including interior and exterior renovations.
“Both Freddie Mac and Fannie Mae offered a similar structure,” said Giordani. “But Freddie was able to underwrite more aggressively to maximize loan proceeds and had a better rate.”
Giordani and Golding collaborated with NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president, Jesse Hudson, vice president and Cynthia Meister in NorthMarq’s Albuquerque investment sales office. The team brokered the sale of the property for the investor, as well as another property, Bluffs at Tierra Contenta in Santa Fe, New Mexico.
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