Northmarq’s Debt + Equity team arranges $11.5 million refinancing for Lofts at the Mill apartments

SCRANTON, Pa. (March 18, 2025) — Northmarq’s Denver Debt + Equity team led by Mark Jeffries successfully arranged the $11.5 million external refinance of Lofts at the Mill, a 134-unit low-rise apartment community located at 800 James Ave. in Scranton, Pennsylvania.

Northmarq arranged the permanent-fixed financing on behalf of the borrower, White Dog Management, through its in-house Fannie Mae DUS platform. The transaction was structured on a five-year term with a 30-year amortization schedule.

“The excellent occupancy history, low leverage, and affordable rents allowed us to lock a very aggressive and full-term interest only on this unique apartment community,” Jeffries said. “Fannie provided the best option for this refinancing.”

Built in 1897 and renovated in 2006, Lofts at the Mill has a historic connection to the area — the building was converted from the old Petersburg Silk Mill. It features a mix of loft, studio and suite-style apartments with one- and two-bedroom options. It is located next to Nay Aug Park and the rambling Roaring Brook within minutes of hospitals, universities and downtown Scranton. The property is tucked within close proximity to Interstates 80, 81, 84 and 380.

Community amenities feature all utilities included, fully furnished apartments available, pet-friendly apartments available, card access security, 24-hour on-site building supervisor, free basic cable TV and internet access, a lounge, game room with billiards and ping pong, patio and gas grill, free use of 175-acre Nay Aug Park, a laundry room, a reading room and library, 20-foot ceilings and 16-foot windows, state-of-the-art fitness rooms and free on-site parking.