The Bentley atMaitland

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ORLANDO, FL—NorthMarq's Orlando-based office recently securedacquisition financing of $41,210,000 for The Bentley at Maitland, a324-unit multifamily property located here. The transaction wasstructured with a 10-year term with 5-years of interest onlyfollowed by a 30-year amortization schedule. NorthMarq arrangedfinancing for the borrower, Enzo Multifamily and Moneil Investmentsthrough Freddie Mac's Green Advantage program.

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Melissa Marcolini Quinn, managing director and SVP withNorthMarq, tells GlobeSt.com that the property was built in 1984and the buyer plans to renovate the remaining units and upgradevarious common areas including the fitness center. The seller isAspen Square Management and the building is 97% occupied.

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"This asset is an excellent addition to our client's portfolio,"she says. "They were attracted to the excellent market fundamentalsof Orlando and jumped on the opportunity to acquire this propertyin the desirable submarket of Maitland."

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"For this transaction, we structured an Index Lock atapplication to protect against upward rise in the treasury yieldand also provided funding for green improvements under FreddieMac's Green Advantage program."

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The Bentley deal closed prior to the COVID-19 pandemic. Asked tocomment on the effects of coronavirus on the multifamily market,Marcolini-Quinn says there have been logistical issues such ascanceled property tours and inspections that have causedpostponements.

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"As far as the availability of capital, it depends on theprovider as many balance sheets and CMBS lenders are temporarilypausing business at least until volatility settles down in the bondmarkets," she says. "But Freddie Mac, Fannie Mae, and HUD areextremely active and are fulfilling their mission of providingliquidity in the housing market which shows how important theseentities are. While it is too soon to know the operational effectsof the pandemic, due to the federally mandated pause in evictionsthese agencies have already issued forbearance guidelines foraffected owners/borrowers.

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"We are cautioning borrowers that forbearance does not mean"free money" as there are very specific criteria and conditionsthat must be met and the money must be repaid. But the option isthere should they need to utilize the program. In the Orlandomarket, we are expecting large effects due to our large travel andtourism base but we do expect a much quicker bounce back, comparedto the Great Recession, as soon as the virus is contained."

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