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Sidetracked $6.1-Mil Sale Finally Closes

CARROLLTON, TX-An ongoing relationship between NorthMarq Capital's Dallas team and a Manhattan-based lender kept an acquisition loan alive in the aftermath of Sept. 11. The five-year loan finally closes for Carrollton's 150-unit Lakeside Apartments.

By Connie Gore | Updated on October 21, 2001

CARROLLTON, TX-Another financial deal skewed by the Sept. 11 attack on the World Trade Center finally closes, putting a 150-unit multifamily complex into the hands of a group of Dallas investors.

Minneapolis-based NorthMarq Capital Inc.’s Paul C. Brighton, vice president and senior producer in Dallas, had the $6.1-million deal for Lakeside Associates LP ready to go to committee. The final signing was set for the week of Sept. 10 in the 3 World Financial Center offices of the New York City lender, who soon was out on the street in search of temporary offices. “It was tough.” Brighton tells GlobeSt.com. “It took awhile to make sure everyone was OK.” Then, it was time to get down to business.

The lender found temporary office space; employees brought some desktop computers from home while others grabbed laptops. Brighton duplicated the files and e-mailed them to a broker’s home in Brooklyn. “In spite of all these obstacles,” he says, “they were able to deliver a commitment, rate lock and funding.”

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