Multifamily - Debt

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

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.