Multifamily - Debt

NorthMarq’s Atlanta office completes $13.155 million refinance of Cimarron Ridge in Mobile, Alabama

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. 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.