James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix regional office secured the $18.2 million refinance of The Encore Apartments, a 240-unit class “A” multifamily property located at 4700 Tribeca Lane in Plano, Texas. The transaction was structured with a 10-year interest only loan. NorthMarq arranged financing for the borrower through its Fannie Mae DUS program.
“The borrower wanted to refinance their existing 5-year interest-only loan with a new 10-year interest-only loan to capitalize on interest rates while they were still low,” explained DuMars. “This luxury property is located in an upscale area of the Legacy Business Park in North Plano, Texas. The 2,665 acre business park consists of major tech employers including Hewlett Packard, Ericcson, Intel, Intuit, Tyler Technologies, and Crossmark, to name a few.”