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.
