Multifamily - Debt & Equity

NorthMarq’s Orlando and Tampa offices arrange debt and equity acquisition financing of $68,459,000 for Element 41 in Marietta, Georgia

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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.