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.