BOSTON (June 15, 2015) – Ed Riekstins, senior vice president of NorthMarq Capital’s Boston based regional office arranged the $1.15 million refinance of MLK Manor Apartments, a 45 unit multifamily property located at 2027 and 2033 Dr. Martin Luther King Jr. Avenue in Mobile, Alabama. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
“The borrower’s cooperation and assistance was a key factor in the success of the transaction,” noted Riekstins. “Freddie Mac’s small balance loan program was a great fit for this deal.”