OMAHA, NE-John Reed, a locally based SVP and senior director of NorthMarq Capital, has arranged a $98 million tax-exempt bond securitization for a national bond portfolio that represents 11 properties in the West Coast, Southwest and Southeast markets. The multifamily portfolio consists of about 2,210 units.
The owner of the portfolio of tax exempt bonds that are secured by the properties is Horsham, PA-based Capmark Financial Group Inc., which filed for bankruptcy in 2009 and recently put a reorganization plan to creditors. The ownership is held through TCH I Depositor LLC.
The properties are located in Houston; San Antonia, TX; New Orleans, Kent, WA; Long Beach, CA; Memphis, TN; Charleston, WV; Fremont, CA; La Porte, TX and San Marcos, TX, the latter which includes the seniors complex Mariposa Apartment Homes at Hunter Road.
This transaction was arranged for the borrower by NorthMarq through Freddie Mac. “This was a big deal, there are probably only a handful of these done per year with Freddie Mac, the bar is pretty high,” Reed tells GlobeSt.com. Marty Meagher and Gardiner Champlin with NorthMarq’s San Diego regional office assisted on the deal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
