Northmarq successfully arranges $13.1M acquisition financing of Iris Court apartments in Acton, MA

ACTON, Mass. — Northmarq’s Boston Debt + Equity team led by Jeffrey Munoz and Kevin Sykes successfully arranged the $13.1 million acquisition financing for Iris court, a 68-unit garden apartment community located at 2 Iris Ct. in Acton, Massachusetts.

Northmarq arranged financing on behalf of the borrower, Archer Acquisitions and Ezzi Property Group, through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term.

“This was the borrower’s first agency transaction, and given the competitive pricing, terms, and ease of execution they plan to be repeat agency borrowers moving forward,” Sykes said.

Built in 1964, Iris Court features granite countertops, hardwood floors, in-unit laundry, new appliances, and renovated bathrooms and kitchens. Acton is a community located 20 miles northwest of Boston and has very low market vacancies, creating strong cash flow and future rent growth for real estate investors.