TAMPA (July 1, 2013) – Robert Hernandez, senior vice president/managing director of NorthMarq’s Tampa regional office, arranged combined first mortgage refinancings of $13.355 million for two multifamily properties located in Georgia. The two properties contain a combined total of 378 market-rate units.
• Hidden Colony Apartments is a 280-unit, market-rate multifamily property located at 3373 Aztec Road in Doraville. It was financed at $9,675,000.
• Spaulding Hills Apartments is a 98-unit, market-rate multifamily property located at 6701 Winterbrook Court in Atlanta. It was financed at $3,680,000.
Financing for both of these transactions was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, a national multifamily investor, through its seller-servicer relationship with Freddie Mac. “The lender and sponsor worked diligently to close these transactions in a rising interest rate environment,” Hernandez said. “The sponsor did a fantastic job of maintaining these older multifamily complexes, both in terms of property maintenance and occupancy which compelled Freddie Mac to fund the requested loans.”