Northmarq’s Philadelphia office arranges $36.5 million new construction financing for The Pointe at Overlook apartments

LANCASTER, Pa. (Oct. 29, 2024) — Northmarq’s Philadelphia Debt + Equity team led by John Banas and Kris Wood secured the $36.5 million new construction financing for The Pointe at Overlook, a 175-unit community located at Granite Run Drive and Fruitville Pike in Lancaster, Pennsylvania.

Northmarq arranged the financing on behalf of a long-term client through an existing relationship with a regional lender. The transaction was structured on a 10-year term, fixed for 5 years at a sub 7% loan, with interest only during the construction and stabilization period, 30-year amortization at conversion and no prepayment penalty.

“This is great financing that we were able to secure with a regional lender at a fixed rate with no prepayment. The structure allows us to be flexible after the property is stabilized by giving us protection should interest rates rise, while still giving us the ability to refinance in the future with no prepayment,” said Banas.

The Pointe at Overlook features one- and two-bedroom units with central air conditioning, in-unit washer and dryer, 24-hour emergency maintenance, open floor plans, high-speed internet, fully-equipped kitchens, programmable thermostats, and more.

Community amenities include a clubhouse, maintenance-free landscaping, off-street parking, cardio fitness room and pet stations. Its convenient location is within blocks of food options, shopping, fitness centers, Overlook Park and walking and biking trails. It is four miles from the Lancaster City Historic District and has nearby access to U.S. Highway 30 and Pennsylvania Route 283.