MIAMI (January 20, 2015) – Robert Bhat, vice president of NorthMarq Capital’s Miami based office arranged refinancing for a portfolio of five multifamily properties located in New Orleans, Louisiana. The properties that received financing included: Washington Place Apartments (25-units), Liberty Park Apartments (10-units), Forest Park Apartments (20-units), Riverview Apartments (45-units) and Cypress Park Apartments (65-units). The transactions were structured with a 10-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower, Bruno, Inc. through its affiliation with a Fannie Mae – DUS lender.
“New Orleans has experienced considerable comeback since Hurricane Katrina,” said Bhat. “Job growth has played a key role, which was led by educational and health services. The city has also become attractive to new businesses, including high-tech entrepreneurs. Demand for multifamily property in convenient locations remains strong.”