Northmarq’s Minneapolis office arranges $10,741,000 refinancing of two multifamily properties in Memphis, Tennessee
Bantam Apts
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.
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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.
