$512M Deal Signals Stability in Key Multifamily Markets

KANSAS CITY, MO – March 20, 2026 – In a significant move that underscores investor confidence in key U.S. housing markets, Northmarq has secured a $512 million credit facility from Freddie Mac for a 13-property multifamily portfolio owned by Price Holdings LLC, a Price Brothers affiliate. The deal, which spans assets across the vibrant Kansas City and Dallas metropolitan areas, is designed to refinance and recapitalize the portfolio, providing a powerful injection of long-term stability and strategic flexibility for the Kansas City-based real estate firm.

This transaction is far more than a simple refinancing; it represents a masterclass in financial engineering tailored for an era of economic uncertainty. Arranged by Northmarq’s managing director Greg Duvall and investment analyst Brian Michaelsen, the deal highlights a sophisticated approach to managing large-scale real estate assets and signals the enduring strength of partnerships in navigating a complex capital landscape.

Engineering Certainty with Sophisticated Finance

At the heart of the $512 million deal is a complex four-tranche credit facility, a structure deliberately chosen to provide both security and agility. In today's market, where interest rate fluctuations can dramatically impact profitability, this multi-layered approach is critical. The facility combines both fixed and variable interest rates, allowing Price Brothers to lock in predictable costs for a portion of its debt while capitalizing on potential rate decreases with another.

This hybrid rate strategy is complemented by staggered maturities across the four tranches. By avoiding a single, massive balloon payment, Price Brothers distributes its refinancing risk over several years, a crucial risk-management tactic that prevents exposure to a potentially unfavorable market at one specific point in time.

“In today’s competitive and ever-changing multifamily markets, sponsors need certainty of execution and optionality more than ever,” said Greg Duvall of Northmarq in the original announcement.

The facility’s most strategic features, however, may be its built-in flexibility. It includes substitution rights, which permit Price Brothers to sell certain properties and replace them with new acquisitions within the facility, all without needing to unwind the entire financing package. Furthermore, the agreement includes expansion options, creating a pre-approved capital source for future acquisitions or significant capital improvements. This built-in capacity for growth streamlines future investment and positions the company to act decisively on new opportunities. As Duvall noted, the facility helps "position Price Brothers for continued leadership as they enter their second century in the U.S. housing industry.”

A Tale of Two Thriving, Yet Different, Markets

The portfolio’s geographic split between Kansas City and Dallas is a strategic bet on two of the nation's most dynamic multifamily hubs. While both are experiencing robust growth, they present different market characteristics, making the portfolio's diversification a key strength.

The Kansas City multifamily market has demonstrated remarkable resilience. Recent data shows renter demand gaining significant momentum, with net absorption in late 2024 outpacing new deliveries. This demand has fueled impressive rent growth, with year-over-year increases significantly exceeding the national average. While a wave of new construction has recently decelerated due to higher borrowing costs, this slowdown actually enhances the value of existing, stabilized assets like those in the Price Brothers portfolio by limiting new competition. With occupancy rates holding firm, the Kansas City market provides a stable foundation for the portfolio.

In contrast, the Dallas-Fort Worth (DFW) metroplex is a story of explosive growth. Ranking second nationally only to New York City in multifamily demand, DFW is a magnet for population and job growth. This has spurred a historic construction boom, with tens of thousands of new units coming online. While this influx of supply has temporarily softened rental rates and nudged vacancy slightly higher, the underlying fundamentals remain exceptionally strong. Investment activity remains feverish, with billions in transactions underscoring long-term confidence. The market is projected to absorb the new supply, with rent growth expected to rebound and accelerate into 2025, making it a prime region for long-term investment. This deal by Price Brothers signals a deep belief in the enduring appeal of the DFW market.

The Power of Enduring Partnerships

Executing a transaction of this scale and complexity is not merely a matter of numbers; it is a testament to the power of long-standing, trusted relationships. The deal solidifies a three-way partnership between Price Brothers, a veteran real estate firm; Northmarq, a financial intermediary powerhouse; and Freddie Mac, a government-sponsored enterprise (GSE) that plays a critical role in providing liquidity to the nation's housing market.

Price Brothers, a vertically integrated firm with a history stretching back decades, has built a reputation for quality development and management in its home base of Kansas City and beyond. For them, this facility is a cornerstone of their future strategy. “Securing this $512 million credit facility marks a significant milestone for Price Holdings LLC and Price Brothers and reflects the strength of our longstanding relationship with Freddie Mac and Northmarq,” said Travis Whitacre, CEO of Price Brothers. He emphasized that the deal enables the company to "pursue strategic growth while preserving the quality and stability of our communities."

Northmarq’s role as the architect of the deal showcases its deep expertise. As one of the nation's top-ranked multifamily brokerage and finance firms, with a servicing portfolio exceeding $78 billion, Northmarq has a proven track record. The firm has been a Freddie Mac Optigo lender for nearly three decades, a relationship that provides invaluable insight and leverage in structuring creative solutions. The involvement of Greg Duvall, a senior managing director with over 35 years in the business, underscores the level of experience brought to bear on the transaction.

Finally, Freddie Mac's participation is a powerful indicator of market sentiment. As some private lenders have become more cautious, GSEs have stepped in to provide critical liquidity, regaining a dominant market share. Freddie Mac's 2024 production volume surged to $66 billion, with a strong focus on its mission-driven goals of supporting affordable and stable rental housing. By backing this large, flexible credit facility, Freddie Mac is not only endorsing the quality of the Price Brothers portfolio but also reaffirming its commitment to stabilizing the multifamily sector in high-growth corridors. This transaction serves as a clear signal that even amidst market fluctuations, well-managed portfolios in strong locations, backed by trusted partners, can secure the capital needed to thrive.