NorthMarq Capital arranges $24.64 million in acquisition financing via Freddie Mac for Cincinnati Apartments
Cincinnati Apts
CINCINNATI (March 2, 2017) – Susan Branscome, senior vice president/managing director of NorthMarq Capital’s Cincinnati-based regional office, arranged acquisition financing of $24.64 million for a 250-unit multifamily property located in Cincinnati, Ohio. The transaction was structured with a 10-year term with 5-years of interest only followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. “This was a purchase of a Cincinnati multifamily property and a 70 percent loan-to-purchase price request,” said Branscome. “We were able to leverage our excellent relationship with Freddie Mac and obtain a reduced interest rate based upon green initiative through energy savings and five years of interest only. We locked the index and closed the loan in 45 days.”
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.
