Multifamily

NorthMarq Capital’s Boston office arranges acquisition financing of $4.846 million for Manchester, New Hampshire multifamily

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.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.