NorthMarq Capital arranges $6.862 million refinancing for Pavilion Apartments located in One Lafayette Plaisance, Detroit, Michigan
Pavilion Apts
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.”
Meet our team
About Northmarq
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.
