BOSTON (June 1, 2015) – Michael J. Chase, vice president of NorthMarq Capital’s Boston regional office arranged the $29.3 million refinance of the Symphony & Hemenway Apartments, three multifamily properties containing a total of 116 units. The commercial mortgage financing represented the final pieces of a total of $54.3 million in financing for a five-building portfolio of apartments in the Fenway Neighborhood of Boston. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The closings of the Symphony & Hemenway Apartments combined with the recent closings of the Westland Avenue Apartments completed the refinance of over 217 units,” said Chase. “Quality location, assets and sponsorship all lead to a completive long-term fixed rate financing while also providing the sponsors with prepayment flexibility going forward.”