Northmarq finalizes $3.5 million permanent loan for Greens Condominium Portfolio in Orlando, Florida
ORLANDO, FLORIDA (April 8, 2022) – Northmarq’s Orlando-based debt/equity office arranged $3.5 million financing for a portfolio of 70 condominium units. Greens Condos, built in 2000, is located at 3700 Castle Pines Lane in Orlando, Florida. The transaction was structured with a 10-year term (5-year fixed, non-recourse), with 1-year of interest only followed by a 30-year amortization. Northmarq secured the refinancing for the borrower through its relationship a local bank.
“We were happy to deliver a financing solution for a foreign sponsor on a difficult fractured condo deal. The sponsor didn’t have enough units to control the association and their existing banking relationship couldn’t get comfortable. We were able to source a local bank that stepped-up to provide strong terms.”
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.
