ORLANDO, FL—NorthMarq Capital's regional office here reports it has arranged financing for two multifamily properties in Georgia and Ohio totaling $38.6 million.
The transactions were announced by Melissa Marcolini Quinn, senior vice president of NorthMarq's Orlando regional office.
NorthMarq arranged a $24.2-million refinancing for the 150-unit Lodge at Bridgemill in Canton GA. The transaction for the senior housing facility was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.
“This is a unique Class A, age-restricted multifamily complex that provides a high level of services to the tenants,” says Quinn. “The lender was able to get comfortable with the distinctive aspects of the asset and corresponding high loan per unit and delivered the loan as promised.”
The firm also arranged $14.4-million in acquisition financing for the 223-unit Deerfield Apartments and Townhomes at 860 Deerfield Blvd. in Cincinnati. The transaction was structured with a 10-year term with a three-year interest only period and a 30-year amortization schedule. Financing for the borrower was arranged by NorthMarq through its relationship with a CMBS lender.
“This was a fast paced acquisition transaction which went from a signed term sheet to closing in just two weeks,” Quinn says. “We could not have accomplished this feat without the experience and dedication of both the borrower and lender teams.”
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