Arranged $4.75 Million Bridge Loan for Mississippi HAP Portfolio
Mississippi HAP Portfolio
NEW YORK (January 14, 2013) – Elliot Auerbacher, vice president of NorthMarq’s New York City Metro Regional office, arranged a bridge loan of $4.75 million for acquisition of the Mississippi HAP Portfolio. The portfolio consists of four affordable housing, 100% Section 8 properties with a combined total of 338 units located in rural Mississippi. Financing was based on a 9-month interest-only term. NorthMarq arranged this financing for the borrower through its relationship with a hard-money bridge lender. “Financing affordable housing transaction so that deserving families have shelter is important to not just the community, but also to our company,” Auerbacher said. “It’s a noble cause that adds an extra layer of value to our work.”
About Northmarq
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.
