ORLANDO, FLORIDA (July 17, 2020) – Melissa Marcolini Quinn, managing director of NorthMarq’s Orlando office and Lee Weaver, managing director of NorthMarq’s Tampa office completed the $36,300,000 refinance of 2626 Park. The 440-unit multifamily property is located in Tallahassee, Florida. The transaction was structured with a 10-year term with 2-years of interest only followed by a 30-year amortization schedule. NorthMarq secured financing for the borrower through its OPTIGO status as a Freddie Mac lender.
“The sponsor successfully renovated and re-branded this property and we were tasked with placing the permanent financing after originally placing the acquisition bridge loan. Freddie Mac’s floating rate program was a perfect fit for this repeat client,” said Marcolini Quinn.