September 16, 2013

NorthMarq Capital arranges $6.595 million mortgage for Summit at Metrowest in Orlando, Florida

Summit at Metrowest

Debt & Equity

Multi-Tenant

ORLANDO (September 16, 2013) – David Schofield, senior director of NorthMarq’s Orlando regional office, arranged refinancing of $6.595 million for Summit at Metrowest, a 280-unit, market-rate multifamily property in Orlando, Florida. Financing was based on a 5-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Summetro, Inc., through its relationship with a life company lender. “The lender rate locked this loan on February 14th for an August 5th closing, allowing the borrower to lock in a very low rate and eliminate the interest rate risk, which in hindsight was very beneficial to the borrower,” Schofield said.

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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.

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