Multifamily - Debt


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

ORLANDO, FLORIDA (March 20, 2020) – Melissa Marcolini Quinn, managing director/senior vice president of 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.

 

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 $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.