June 15, 2015

NorthMarq Capital’s Boston Office negotiates $1.15 million refinance of MLK Manor Apartments in Mobile, Alabama

MLK Manor Apts

Debt & Equity

Multi-Tenant

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.”

Available Multifamily properties

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.