Northmarq’s Atlanta office arranges $10.8 million refinancing for Garden Cove Apartments in Huntsville, Alabama

ATLANTA, GEORGIA (February 20, 2023) — Northmarq’s Randy Wolfe, senior vice president and managing director, arranged the $10.8 million loan for Garden Cove Apartments. The 200-unit affordable multifamily property is located at 3315 Dunn Street in Huntsville, Alabama. Northmarq arranged financing for the borrower, an affiliate of Alexander Properties Group, through its Optigo status as a Freddie Mac seller/servicer. Being 100 percent ‘mission-based’, the loan was structured on a 10-year term with 5-years of interest-only followed by a 30-year amortization schedule.

“The property was originally developed (built 1986/renovated 2007) under the Federal LIHTC program and continues to serve the affordable housing segment within the Huntsville market. The Freddie Mac financing allowed the owner to refinance the original senior debt and remaining tax credit investor equity,” said Wolfe. 

Community amenities include: Maintenance on site, storage space, fitness center, and pool. Apartment amenities include: High-speed internet access, in-unit washer/dryer, air conditioning, smoke free, wheelchair accessible, kitchen, range, refrigerator, views, balcony, and patio.