Multifamily

NorthMarq Capital's Tampa and Dallas offices arrange $38 million mortgage for Parrot's Landing in North Lauderdale, Florida

TAMPA (January 8, 2012) – Alison Williams, assistant vice president of NorthMarq’s Tampa regional office, and Stephen Whitehead, senior vice president and senior director of NorthMarq’s Dallas regional office, cooperated to arrange acquisition financing of $38 million for Parrot’s Landing. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company. Parrot’s Landing is an institutional-quality, 560-unit market-rate rental community situated on a 29.5 acre site in North Lauderdale, Florida. Constructed in two phases in 1987 and 1997, the property consists of one, two and three bedroom units and features community amenities including two clubhouses, three swimming pools, sundeck, fitness center, lighted tennis court, car care center, barbecue area, covered picnic area, business center and jogging trails. The property was purchased by a highly regarded Toronto-based private real estate investment company.

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.