October 4, 2013

NorthMarq Capital arranges $6.862 million refinancing for Pavilion Apartments located in One Lafayette Plaisance, Detroit, Michigan

Pavilion Apts

Debt & Equity

Multi-Tenant

CHICAGO (October 4, 2013) – Sue Blumberg, Sr. Vice President of NorthMarq’s Chicago regional office, arranged refinancing of $6.862 million for Pavilion Apartments. The property is located at One Lafayette Plaisance, Detroit, Mich. and contains 340 units. The conventional market, multi-family property will maintain full occupancy throughout recapitalization. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Pavilion Apartments LLC, through its relationship with Freddie Mac. “This is a refinance that took advantage of a lower interest rate, allowing the owner to modernize and enhance the amenities of the property,” said Blumberg. “It is an extremely well maintained property with superb management.”

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.