TAMPA (July 1, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged combined first mortgage refinancings of $13.355 million for two multifamily properties located in Georgia. The two properties contain a combined total of 378 market-rate units.
- Hidden Colony Apartments is a 280-unit, market-rate multifamily property located at 3373 Aztec Road in Doraville. It was financed at $9,675,000.
- Spaulding Hills Apartments is a 98-unit, market-rate multifamily property located at 6701 Winterbrook Court in Atlanta. It was financed at $3,680,000.
Financing for both of these transactions was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, a national multifamily investor, through its seller-servicer relationship with Freddie Mac.
“The lender and sponsor worked diligently to close these transactions in a rising interest rate environment,” Hernandez said. “The sponsor did a fantastic job of maintaining these older multifamily complexes, both in terms of property maintenance and occupancy which compelled Freddie Mac to fund the requested loans.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.