NorthMarq Capital arranges $5 million refinance of two apartment buildings in Brookline, Massachusetts

BOSTON (October 9, 2014) – Michael Chase, assistant vice president of NorthMarq Capital’s Boston based office has arranged the $5 million refinance of Beacon-Fairbanks Apartments, two multifamily properties totaling 29-units located at 1555 Beacon Street and 20-24 Fairbanks Street in Brookline, Massachusetts. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the commercial mortgage financing for the borrower through its correspondent relationship with Lincoln National Life Insurance. “The Boston area multifamily market is white hot. When you combine a prime location like Brookline with strong sponsorship and quality real estate, it’s no wonder the competition for this deal was so fierce—even for a sub $10 million transaction.,” said Chase. “The borrower wanted a competitive rate to lock in long-term while also providing prepayment flexibility. We were pleased that Lincoln National Life Insurance Company was able to answer the call with aggressive pricing and non-recourse terms which excluded any warm bodies on the carve outs. Lincoln was also able to forward rate lock in order to help the borrower reduce their prepayment penalty exposure to the previous loan.”