Northmarq’s Debt + Equity team arranges $14.875M refinancing of 2-apartment portfolio in Brooklyn, NY

NEW YORK — Northmarq’s Debt + Equity team led by Collin Lester in New York and Deon Green in Dallas successfully arranged the $14.875 million refinancing of a two-apartment portfolio located at 770 Empire Blvd and 836 Montgomery Street, featuring a combined 125-unit mid-rise housing communities located in Brooklyn, NY.

Northmarq arranged the permanent-fixed financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term at maximum leverage and a 5.08% interest rate.

“We couldn’t be more thankful to our client for trusting us with this important recapitalization. We work tirelessly every day to make the market work for our clients, and this transaction is a perfect example of that,” said Lester.

Built in 1940, 770 Empire features 85 units in a six-story property. The 836 Montgomery Street community property was built in 1925 and features 40 units. Both are located in the Crown Heights area of Brooklyn, offering close proximity to dining, shopping, attractions and schools. It is roughly six miles southeast of downtown Brooklyn and 10 miles southeast of Midtown Manhattan.