Northmarq Dallas secures refinance for 88-unit multifamily property in Saint Petersburg, FL.
Saint Petersburg, Fl. – Ronnie Jewell, vice president of Northmarq’s Dallas Debt + Equity team, recently arranged the refinance of Park House, a 88-unit multifamily community, through Northmarq Edge, the firm’s proprietary fixed rate lending program.
The financing retired the sponsor’s acquisition bridge loan and positioned the property with long-term, fixed-rate debt featuring full-term interest-only payments and flexible prepayment, providing the flexibility to sell or refinance in the near future.
Northmarq Edge’s sizing parameters helped maximize loan proceeds by underwriting to a 1.10x amortizing DSCR. As a result, the borrower was able to generate cash-out proceeds after retiring the existing high-interest, floating-rate bridge loan.
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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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
