NorthMarq delivers financing solution via Freddie Mac for $5.54 million refinance of Mill Falls Apartments in Lowell, Massachusetts
WHITE PLAINS, NEW YORK (August 4, 2020) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains office arranged the $5.54 million refinance of Mill Falls Apartments. The 72-unit multifamily property is located at East Merrimack Street and Pawtucket Boulevard in Lowell, Massachusetts. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with Freddie Mac.
The property features one and two-bedroom apartments with private balconies, on-site laundry facilities and ample parking. Mill Falls Apartments are conveniently located near Route 3, I-495, UMass and Downtown as well as Lowell Heritage State Park and Shedd Park.
“The owners were looking to buy out an existing partner and take advantage of low rates today. Freddie Mac was able to provide "cash out" funds to allow the buyout. This transaction was started during the COVID crisis but the owners were diligent in working with their tenants and there was no impact to collections as a result,” said Ranieri.
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.
