BOSTON (January 25, 2017) – Mark Whelan, vice president of NorthMarq Capital’s Boston-based regional office, arranged acquisition financing of $4.846 million for a 67-unit apartment complex located in Manchester, New Hampshire. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“We were happy to find a portfolio lender with the creativity to include an earn-out for $950,000 while also providing initial funding subject to a 10-year fixed-rate term,” said Whelan. “This lender also held the initially quoted rate at 3.75 percent despite the recent run-up in rates related to the election.”