Northmarq arranges acquisition financing of $24.4M for 1322 North Apartments
AUBURN, Ala. — Northmarq’s Jacksonville Debt + Equity team led by Ryan Whitaker secured $24.4 million in acquisition financing for 1322 North Apartments, a 214-unit multifamily community located at 1322 N Dean Road in Auburn, Alabama.
Northmarq arranged financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS platform. The permanent fixed loan was structured on a seven-year term.
“Fannie Mae offered the most efficient capital solution with the lowest rate based on a full-term, interest-only payment schedule which maximized the borrower’s proceeds as well as cash flow after debt service for the entirety of the loan term,” said Whitaker.
Built in 2002, 1322 North is a garden-style multifamily property featuring one-, two- and three-bedroom floorplans. Units include spacious floor plans, plank flooring, fully equipped kitchens with stainless steel appliances, washer/dryer connections, crown molding and a patio or balcony.
Community amenities include on-site maintenance and management, a clubhouse, community pool, barbeque area, playground, detached garages, car wash facility, 24-hour fitness hub, bocce ball court and pet park.
1322 North Apartments is located north of the city center, providing residents with easy access to U.S. Route 280, schools such as Auburn University, public parks and local eateries.
