Northmarq’s Debt + Equity team arranges $22M refinance of apartment community in Bradenton, FL

BRADENTON, Fla. — Northmarq's Seattle Debt + Equity team led by Managing Director Stuart Oswald successfully arranged the $22 million refinance of Avalon Villa Apartments, a 154-unit apartment community located at 3506 14th Street W, Bradenton, Florida. This transaction was brokered to Northmarq by Mark Plenge of Colliers Mortgage.

Northmarq is a Freddie Mac Optigo lender and funded a five-year Freddie Mac loan for the borrower, a three-member tenancy in common (TIC) that bought the project three years ago. The loan retires an existing bridge loan and includes three years interest-only debt service.

"We are grateful to have been allowed the opportunity to work with the borrower and Colliers on what was the borrower’s first Freddie Mac transaction in several years,” Oswald said.

Avalon Villa Apartments was completed in 1975 and includes 15 residential buildings and one clubhouse situated on a 9.806-acre site. Since acquisition, the borrowers have invested significant capital in the community continually renovating and updating the units upon turnover.

The community consists of studio, one-, two- and three-bedroom accommodations. Unit interiors feature laminate countertops, 9' ceilings, vinyl flooring throughout and rear patio area (ground floor). Renovated/upgraded units include stainless steel appliances, modern cabinetry, upgraded lighting, and quartz countertops. Community amenities include an open courtyard with walking trails, a gazebo, a children’s playground, a swimming pool with sundeck, a tennis court and clubhouse with party room.

The owners of the property own and manage eleven assets across Washington and Florida comprising approximately 1,100 units.