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.”
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
