Multifamily

Arranged $4.75 Million Bridge Loan for Mississippi HAP Portfolio

NEW YORK (January 14, 2013) – Elliot Auerbacher, vice president of NorthMarq’s New York City Metro Regional office, arranged a bridge loan of $4.75 million for acquisition of the Mississippi HAP Portfolio. The portfolio consists of four affordable housing, 100% Section 8 properties with a combined total of 338 units located in rural Mississippi. Financing was based on a 9-month interest-only term. NorthMarq arranged this financing for the borrower through its relationship with a hard-money bridge lender. “Financing affordable housing transaction so that deserving families have shelter is important to not just the community, but also to our company,” Auerbacher said. “It’s a noble cause that adds an extra layer of value to our work.”

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.