Multifamily - Debt

NorthMarq arranges $36.3 million refinance of multifamily property in Tallahassee, Florida

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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.