MINNEAPOLIS (July 17, 2023) — Mike Padilla and Dan Trebil of Northmarq’s Minneapolis debt/equity team arranged the combined refinance of $10.741 million for two properties consisting of 291-units. Northmarq secured the permanent-fixed loan for the borrower through its status as a Freddie Mac Optigo lender.
Bantam – Airways and Bantam – Springbrook are located near one another in Memphis, Tennessee. Both properties were constructed in 1973 and fully renovated in 2022. The properties bring quality affordable housing to the Memphis market, complete with a full amenity package that includes an on-site clubhouse, pool and completely updated units. The loans were structured with 5 years interest only, followed by a 35-year amortization schedule.