Northmarq arranges $10.85M refinance for Far Rockaway, NY multifamily community
Far Rockaway Apts
FAR ROCKAWAY, N.Y. — Northmarq’s Debt + Equity team, led by Michael Wyne and Tyler Woodard, successfully completed the $10.85 million refinancing of a 75-unit, mid-rise apartment complex in Far Rockaway, New York.
Northmarq secured financing on behalf of the borrower, through the firm’s in-house Fannie Mae DUS team. The transaction was structured on a five-year term and included two years of interest-only.
“This refinance from start to finish reflected Northmarq’s strength as a direct Fannie Mae DUS lender,” said Wyne. “With a lot of noise around rent-stabilized multifamily in New York right now we were able to deliver a cash-out refinance at a competitive interest rate for a repeat borrower.”
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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.
