NorthMarq Capital arranges acquisition financing of $3,787,000 for Lakes of Oakridge in North Charleston, South Carolina
Lakes of Oakridge
GREATER WESTCHESTER NY/CT (November 8, 2016) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office arranged acquisition financing of $3,787,000 for Lakes of Oakridge, a 76-unit multifamily property located in North Charleston, South Carolina. The transaction was structured with a 7-year term with one year of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Bonaparte Marseilles Townhomes LLC, through Freddie Mac’s floating rate program. “This was a ‘value-add’ play where the buyer wanted to take advantage of the Freddie Mac floating rate program,” said Ranieri.
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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.
