NorthMarq secures $4.25 million permanent loan for affordable housing community in Pensacola, Florida
ORLANDO, FLORIDA (March 20, 2020) – NorthMarq's Orlando-based regional office secured a $4,250,000 forward commitment for the permanent financing of Brownsville Manor, an 88-unit affordable housing community in Pensacola, Florida. The property is being developed using federal Low-Income Housing Tax Credits (LIHTC). NorthMarq arranged financing for the borrower, The Paces Foundation, through its relationship with Freddie Mac.
The permanent-fixed loan was structured with a 17-year term followed by a 35-year amortization schedule, using Freddie Mac's Unfunded Forward Commitment loan product. NorthMarq coordinated the construction financing through US Bank.
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.
