Northmarq’s Boston office arranges $2.2 million refinance of multifamily property in Somerville, Massachusetts
BOSTON, MASSACHUSETTS (August 26, 2021) – Jeff Munoz, vice president of Northmarq’s Boston office, completed the $2.2 million refinance of 249 Summer Street. The 6-unit multifamily property is located in Somerville, Massachusetts. The transaction was structured with a 10-year interest-only term followed by a 30-year amortization schedule. NorthMarq negotiated the permanent-fixed loan for the borrower through its relationship with an agency lender.
“We are excited to have originated this loan through an agency lender, further increasing their exposure to Greater Boston's strong multifamily market. Our client was excited to take advantage full-term interest-only payments,” noted Munoz.
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