NorthMarq’s Jeff Munoz secures quick closing of $4 million construction loan for multifamily property in Somerville, Massachusetts
BOSTON, MASSACHUSETTS (March 25, 2020) – Jeff Munoz, vice president of NorthMarq’s Boston office arranged acquisition financing of $4 million for a 6-unit multifamily property located at 34 Heath Street in Somerville, Massachusetts. The construction loan was structured with interest-only payments throughout construction and open prepayment once complete. NorthMarq arranged financing for the borrower through its relationship with a local bank.
This project represents one of the final condominium conversion projects in Somerville prior to new regulations put in place. We expect to see an increase in traditional rehabilitation projects rather than condominium conversions moving forward as Somerville seeks to increase their supply of rental units in the city. Developers still see Somerville as a strong multifamily market but value opportunities are becoming scarce as rent growth has plateaued and an influx of new supply coming online.
“With many moving parts, NorthMarq was able to work with the borrower and lender to secure a quick closing only 30 days after application,” said Munoz.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.