ORLANDO, FLORIDA (June 14, 2019) – Melissa Marcolini-Quinn, senior vice president/managing director and Omar Vanjaria, vice president of NorthMarq’s Orlando-based regional office secured acquisition financing of $8,215,000 for Atlantica Apartments, a 100-unit multifamily property located at 2760 Mayport Road in Jacksonville, Florida. The transaction was structured with a 10-year term with 5-years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing on behalf of the borrower through its Freddie Mac Optigo seller/servicer relationship.
“This was a great acquisition opportunity for Enzo Multifamily in an up and coming area of Jacksonville, Florida, Our sponsor saw the opportunity to implement Green improvements and increase the rents to market levels. We were able to deliver a great execution for this repeat borrower,” said Marcolini-Quinn.