NorthMarq Capital’s Omaha office arranges $6.093 million in acquisition financing for Abbington at Stones River in Murfreesboro, Tennessee

Abbington at Stones River
c61aaf74-ea12-429b-83b5-420b51a3ac83.jpg

OMAHA (January 20, 2017) – John Reed, senior vice president/managing director of NorthMarq Capital’s Omaha-based regional office, arranged acquisition financing of $6,093,000 for Abbington at Stones River, a 96-unit multifamily property located at 1335 Bradyville Pike in Murfreesboro, Tennessee. The transaction was structured with an 18-year term with 2-years of interest-only, followed by a 35-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. “This loan was financed through the Freddie Mac Tax-Exempt Loan Program which is an alternative to tax-exempt bond credit enhancement with 4% Low-Income Housing Tax Credits (LIHTC)The acquisition of Abbington, included a moderate rehab of the property. Freddie Mac funded 90 percent of the as-stabilized value, with a cash escrow that will be released upon stabilization. Freddie did an exceptional job understanding the Borrower's strategy and facilitating the preservation of this multifamily affordable housing,” said Reed.

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.

Image
NM Web Icon News Black

Stay on top of industry research