NorthMarq Capital's Boston office arranged $4.25 million mortgage for Franklin Village North Apartments in Franklin, IN
Franklin Village North Apts
BOSTON (July 1, 2013) – Doug Nickerson, vice president of NorthMarq’s Boston regional office, arranged first mortgage refinancing of $4.25 million for Franklin Village North Apartments, a 180-unit, market-rate multifamily property located at 57 Schoolhouse Road in Franklin, Indiana. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a CMBS lender. “This was a refinance of a loan that had been part of a pool of loans purchased by the prior lender in 2011,” Nickerson said. “The lender offered my client a substantial discount to the stated yield maintenance penalty allowing my client the ability to refinance the existing debt reducing their interest rate significantly and adding six years of term onto the prior loan’s balloon date.”
About Northmarq
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.
