Northmarq arranges $28.95 million refinance of Arlington West Apartments in Jacksonville, North Carolina
MIAMI LAKES, FLORIDA (June 8, 2022) – Bob Harrington, vice president in Northmarq’s Miami Lakes debt/equity office, secured the $28.95 million refinance of Arlington West Apartments. The 14-building/324-unit multifamily property (built in 2009) is located at 5049 Western Boulevard in Jacksonville, North Carolina. It features a resort-style saltwater swimming pool, playground, two dog parks, fitness center, game room, business center and numerous other amenities.
The transaction was structured with a 10-year interest-only term. Northmarq arranged financing for the borrower through its Optigo status as a Freddie Mac lender.
“This was another great Freddie Mac refinance for our repeat client,” said Harrington. “They took advantage of Freddie’s Index Lock option to lock in the 10 Yr UST at 1.89 percent. This allowed them to close with a fixed interest rate in the mid three percent range, and full-term interest-only.
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