Northmarq’s Debt + Equity team arranges $2.125M refinancing for Philadelphia multifamily properties
Northmarq’s Lakewood and Philadelphia Debt + Equity teams led by David Singer, John Banas and Kris Wood, along with Jeff Steigerwalt, arranged $2.125 million in permanent financing for 4900-12 Comly Avenue and 6100 Bingham Street in Philadelphia, Pennsylvania.
“When you acquire a property at the right price and make strategic investments in improvements, obtaining a cash-out refinance within 12 months can be a very achievable outcome,” said Singer.
The tailored financing, for their client Marble Residential, supports the refinance of two multifamily properties located in Northeast Philadelphia containing 19 total units with surface level parking and balconies on select units. Current ownership has invested in property upgrades to 11 of 19 units including updated kitchens and bathrooms, flooring and appliances.
Wissinoming and Lawncrest are established Northeast Philadelphia neighborhoods that offer an attractive blend of affordability, accessibility and urban convenience. With excellent access to major roadways and SEPTA transit, residents enjoy convenient connectivity to Center City Philadelphia, major employment centers and a wide range of shopping, dining, healthcare, educational and recreational amenities.
Meet our team
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.
