NorthMarq’s Atlanta office completes $13.155 million refinance of Cimarron Ridge in Mobile, Alabama
Cimarron Ridge
ATLANTA, GEORGIA (August 10, 2021) – Randy Wolfe, senior vice president/managing director of NorthMarq’s Atlanta office, secured the $13,155,000 refinance of Cimarron Ridge. The multifamily property contains 248 units and is located at 6427 Grelot Road in Mobile, Alabama. The transaction was structured with a 12-year term with 5-years of interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the repeat borrower through Fannie Mae.
“The borrower performed upfront value-add physical improvements and has increased rents since the acquisition,” noted Wolfe.
About Northmarq
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.
