ORLANDO, FLORIDA (September 30, 2020) – Melissa Marcolini Quinn, managing director of NorthMarq’s Orlando office and Lee Weaver, managing director of NorthMarq’s Tampa office secured acquisition financing totaling $68,459,000 for Element 41. The 494-unit multifamily property is located in Marietta, part of the Atlanta, Georgia MSA.
The transaction was structured with a 10-year term and 5-years of interest only followed by a 30-year amortization schedule. NorthMarq secured the transaction for the borrower, Blue Lake Capital, through the company’s OPTIGO status as a Freddie Mac lender, as well as a preferred equity investment from an institutional investor. NorthMarq senior analysts Robert Rothaug and Emily Moaellem facilitated the transaction.
“With numerous moving parts, this transaction required a lot of coordination among the parties in order to close on time and complete full due diligence in the midst of COVID-19. At the end of the day this asset is a supreme value-add opportunity for the sponsor and investors. We had an amazing deal team all-around and are thrilled to get this one sucessfully closed.” said Marcolini Quinn.