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