July 20, 2015

NorthMarq Capital arranges supplemental financing of $1.5 million for two Massachusetts multifamily properties

Lakeshore Apts

Debt & Equity

Multi-Tenant

GREATER WESTCHESTER NY/CT (July 20, 2015) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT based regional office arranged supplemental financing of $1.5 million for Lakeshore Apartments, two multifamily properties with a combined 146 units located at 390 & 395 Mammoth Road in Lowell, Massachusetts and 325-355 Tyngsboro Road in Dracut, Massachusetts. The transaction was structured with a 7-year term with 2-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. “The borrower wanted to borrow additional funds in order to upgrade the property,” said Ranieri. “Cash flow was sufficient to provide this second mortgage opportunity. We did two years of interest only as that is the period in which the majority of the work will be done.”

Available Multifamily properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.