TALLAHASSEE, FL—Victoria Grand Apartments, a 320-unit market rate multifamily community in Tallahassee, FL, has secured a $30 million refi. Financing was based on a 10-year term with two years interest only then a 30-year amortization schedule.
Melissa Marcolini Quinn, senior vice president, of NorthMarq’s Orlando regional office, aong with David E. Schofield, senior vice president and senior director, arranged loan for the borrower, Victoria Grand Acquisition, LLC. NorthMarq closed the deal through its seller-servicer relationship with Freddie Mac.
“This is a beautiful class A complex with a great location in the Tallahassee market,” says Quinn. The borrower requested two years of interest only, she explains, along with an increase in the loan amount after the initial application.
Located at 2350 Phillips Road, the two- and three-story complex was completed in 2008 and is one of the newest in the region. The property features a clubhouse, resort-style pools, and a recreation center that houses an indoor regulation basketball court, a state-of-the-art fitness center, and an aerobics room. The metro area benefits from stable demand drivers including three higher education institutions as well as being home to the states’ executive, legislative and judicial branches.