Bill Luedemann, senior vice president and director of NorthMarq Capital's Houston office, arranged the financing for San Antonio-based Embrey Partners. The seven-year loan from Freddie Mac carries an interest rate of 5.15%, Luedemann tells GlobeSt.com.
The Palermo is a class A, 314-unit project built in 1999 on 18 acres, according to Luedemann. The apartment market around Palermo is good.
The property has nine one-, two- and three-bedroom floor plans. The average unit size is 1,029 sf. Large employers nearby include USAA and Ultramar Diamond Shamrock.
NorthMarq, based in Minneapolis, is a national real estate banking firm providing commercial real estate financing. Embrey develops office and multifamily projects in several states, including Florida.
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