Will James, vice president of NorthMarq Capital’s Atlanta-based regional office, arranged a Fannie Mae loan in the amount of $6,975,000 to refinance the borrower’s construction loan. The financing went under application and funded in 49 days. The borrower used historic tax credit equity to adaptively redevelop the MC Kiser Building, a 1923 shoe manufacturing warehouse once occupied by the Atlanta Public Schools. The property was converted into 41 apartment units and 10,000 sq. ft. of retail space. NorthMarq arranged construction financing almost two years ago, and refinancing with a 10-year agency loan for the borrower, Gallman Development Group, has fulfilled the business plan and will continue to realize value increases in the surrounding area for the foreseeable future. The Gallman Development Group has extensive historic adaptive reuse experience.
“The MC Kiser Lofts are located in the burgeoning South Downtown area, two blocks from Underground and Garnett Marta Station, four blocks from CIM’s Gulch project and only three blocks from Newport’s South Downtown eight city block redevelopment" said Bill Gallman of Gallman Development Group. "South Downtown is adjacent to the Castleberry Hill Arts District, Atlanta's CBD core, and Federal, State, County and City employment centers.”
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information, please visit www.northmarq.com.
