Northmarq’s Chicago Debt + Equity team led by Kevin McCarthy, Jeff Frankel and Alex Czachor collaborated with Jason Kinnison of the Omaha office to successfully finalize the refinancing of Brickline at The Mercantile, a premier luxury multifamily property, with a loan of $75,549,000. The property is located at 901 Farnam Street in Omaha, Nebraska.
Northmarq, representing the joint venture sponsor of Hines and Cresset Real Estate Partners, arranged an 8-year, full-term interest-only loan featuring a flexible prepayment option starting after the sixth year. The permanent fixed-rate loan was arranged through Northmarq’s proprietary Fannie Mae DUS platform, leveraging Fannie’s Near-Stabilization Program. The project benefited significantly from Hines’ commitment to sustainable construction practices, achieving two Green Globe certifications during its development.
“The top tier sponsor and strong market fundamentals created a very competitive process amongst lenders,” said McCarthy. “Fannie Mae’s ability to lock rate and close at 75% occupancy, while being aggressive on pricing and structure ultimately set them apart.”
Located within a Qualified Opportunity Zone, Brickline at The Mercantile is a “city-defining” addition to downtown Omaha, revitalizing the community and offering an ideal downtown living experience.
“We are excited to deliver a city-defining development that enriches the city’s identity, bringing people together to celebrate a shared sense of place,” said Hines Senior Managing Director Tom Darcy. “We are thankful to the Northmarq team for a great execution in a challenging market that aligns well with our vision for the broader development.”
Constructed in 2023, Brickline at The Mercantile offers an extensive range of unit types, providing tenants with top of the line in-unit finishes and best in class amenities. Amenities include a resort-style pool, golf simulator, fitness center, yoga studio, EV charging stations, co-working spaces and a new live/work unit concept, creating a distinctive community for its residents.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq introduces clients to expanded opportunities across all major asset classes.
