NorthMarq Capital arranges acquisition financing of $3,787,000 for Lakes of Oakridge in North Charleston, South Carolina
GREATER WESTCHESTER NY/CT (November 8, 2016) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office arranged acquisition financing of $3,787,000 for Lakes of Oakridge, a 76-unit multifamily property located in North Charleston, South Carolina. The transaction was structured with a 7-year term with one year of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Bonaparte Marseilles Townhomes LLC, through Freddie Mac’s floating rate program. “This was a ‘value-add’ play where the buyer wanted to take advantage of the Freddie Mac floating rate program,” said Ranieri.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
