Multifamily - Debt

NorthMarq secures $4.25 million permanent loan for affordable housing community in Pensacola, Florida

ORLANDO, FLORIDA (March 20, 2020) – NorthMarq’s Orlando-based regional office secured a $4,250,000 forward commitment for the permanent financing of Brownsville Manor, an 88-unit affordable housing community in Pensacola, Florida. The property is being developed using federal Low-Income Housing Tax Credits (LIHTC). NorthMarq arranged financing for the borrower, The Paces Foundation, through its relationship with Freddie Mac. 

The permanent-fixed loan was structured with a 17-year term followed by a 35-year amortization schedule, using Freddie Mac’s Unfunded Forward Commitment loan product. NorthMarq coordinated the construction financing through US Bank.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.