NorthMarq Capital arranges supplemental financing of $1.5 million for two Massachusetts multifamily properties
Lakeshore Apts
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.”
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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.
