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NorthMarq Secures $52M for MF Buy

ROUND ROCK, TX-Working on behalf of a Canadian partnership, NorthMarq's Tampa and Dallas offices team up to supply a sub 4%-rate loan that assists in acquiring the 583-unit Monterone at Round Rock.

By Amy Wolff Sorter | Updated on August 12, 2013

ROUND ROCK, TX-NorthMarq, working on behalf of a Canadian partnership, supplied secured to the tune of $52.3 million for the acquisition of Monterone at Round Rock Apartments. With help from the sub-4% loan, buyer Dedicated O’Connor RR LP succeeded in purchasing the 583-unit, class A multifamily property from a TIC operating under the names of Amaravathi LP and Amaravathi Keerthi LLC.

The multifamily property is located at 7711 O’Connor Dr. in Round Rock, due north of Austin. Patton Jones with Apartment Realty Advisors represented the seller in the transaction, and NorthMarq’s Dallas and Tampa offices teamed to secure the financing with a correspondent life company lender. The interest rate is fixed for 10-years with two years interest-only, followed by a 30-year amortization.

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