BOSTON (March 9, 2017) – Mark Whelan, vice president of NorthMarq Capital’s Boston-based regional office, arranged earn-out/supplemental financing of $2.39 million for a 123-unit multifamily property located in Manchester, New Hampshire. The transaction was structured with an 8-year term on a 28-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“This transaction represents the supplemental funding of the initial acquisition loan,” said Whelan. “Our longstanding clients were able to improve the asset’s operating performance to a sufficient degree within 18 months of acquisition to warrant these additional dollars.”