Northmarq’s Debt + Equity team secures $9.928M refinance of Bailey’s Ridge affordable housing community in Prince George, VA

Bailey's Ridge Apartments
Low-income housing community

Northmarq’s Fort Lauderdale Debt + Equity team led by Bob Harrington successfully arranged the $9.928 million refinance of Bailey’s Ridge Apartments, a low-income housing community located at 4750 Baileys Ridge Dr. in Prince George, Virginia.

Northmarq secured the permanent-fixed rate financing on behalf of the borrower through its status as a Freddie Mac Optigo lender. The transaction was structured with a five-year interest-only term. 

“Freddie Mac priced this refinance very aggressively given the affordable nature of the property,” Harrington said. “The recent drop in Treasuries allowed the borrower to lock in a very attractive interest rate."

Built in 1999, Bailey’s Ridge Apartments features 156 units and includes a fitness center, playground, BBQ area, swimming pool and clubhouse. 

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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