Northmarq arranges $22.855M in acquisition financing for Elora Flats & Townhomes in Lawrence, MA
Photo source: CoStar
LAWRENCE, Mass.— Northmarq's Boston Debt + Equity team led by Kevin Sykes, Ed Riekstins and Jeffrey Munoz arranged $22.855 million in acquisition financing for Elora Flats & Townhomes, a 104-unit mid-rise multifamily community located at 112-114 Marston Street in Lawrence, Massachusetts.
Northmarq arranged financing on behalf of the borrower, Arrowpoint Properties LLC, through the firm's in-house Fannie Mae DUS platform. The transaction was structured on a seven-year term with four years of interest-only payments.
“This is the second transaction we have completed with Arrowpoint this year through our DUS platform, their repeat sponsorship created an ease and certainty of execution,” Sykes said.
Built in 2009, Elora Flats & Townhomes features six four-story buildings with 104 residential units. The unit mix includes 48 one-bedroom, 23 two-bedroom and 33 three-bedroom apartments. The property has maintained average occupancy of 97.6% over the past 12 months, excluding units being renovated.
Units feature open floor plans with modern layouts, eat-in kitchens with maple cabinetry, generous closet space and individually-controlled heat and air conditioning. Community amenities include ample parking for residents, elevator access, on-site clothing care center, extra storage availability, 24/7 emergency maintenance and on-site management.
The property is 100% mission-driven, with all units affordable at or below 80% of area median income, contributing directly toward the Federal Housing Finance Agency's mission-driven purchase requirements for agency lending.
Located approximately 25 miles north of Boston along the I-495 corridor, Lawrence benefits from strong transportation infrastructure including MBTA Commuter Rail service and Merrimack Valley Transit, providing frequent connections to Boston and southern New Hampshire.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
