Northmarq Arranges Refi for 199-Unit Corpus Christi Rental Community
Northmarq’s Debt + Equity team, led by Cheryl Higley and Ryan Shoars, arranged the refinancing of Wood River Apartments, a 199-unit multifamily community located in Corpus Christi.
The Northmarq team arranged the fixed rate financing, on behalf of the borrower, through its in-house Northmarq Edge lending program. The transaction was structured as a non-recourse loan, five-year fixed rate, full-term interest-only, and step down prepays.
Higley added, “The borrower has owned this asset for over 20 years, so they understand the value of certainty in execution, especially in today’s volatile lending environment. Structuring step-down prepays gave the borrower the flexibility and stability they needed while locking in a competitive fixed rate.”
Built in 1983, Wood River Apartments offers one-, two- and three-bedroom apartment floor plans across 17 two-story buildings. Units include a balcony or patio, and amenities that include a swimming pool, pet-friendly grounds, and easy access to freeways and public transportation.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout