Finance L Iowa

Newmark Knight Frank closes $76 million refinance for apartment portfolio

Newmark Knight Frank closes $76 million refinance for apartment portfolio,ph01

Newmark Knight Frank’s multifamily capital markets division provided a $76.6 million refinancing for a four-property Midwest portfolio on behalf of the sponsor, CAPREIT, Inc.

The properties, totaling 1,083 units, include The Kensington at Beverly Hills in Southfield, Michigan; Valle Vista Armes Apartments in Greenwood, Indiana; Greenway Chase Apartments in Florissant, Missouri; and Pointe West Apartments in Des Moines, Iowa.

The seven-year, fixed-rate Freddie Mac financing allowed CAPREIT to re-structure the ownership interest with a new equity partner.

Brian Kochan, managing director with Newmark Knight Frank, led the transaction.