Northmarq’s Fort Lauderdale office facilitates loan assumption and arranges $4.2 million supplemental loan for 200-unit multifamily community

FORT LAUDERDALE, Fla. (July 11, 2024) — Bob Harrington, vice president of Northmarq’s Fort Lauderdale Debt + Equity team, secured the $4.2 million supplemental loan for Princeton Parc, a 200-unit multifamily property in Melbourne, Florida.

Northmarq arranged the assumption of an existing senior loan and a supplemental loan on behalf of the borrower, a South Florida-based investment group, through a correspondent relationship with Freddie Mac. The term and interest-only period is contiguous with the existing first mortgage loan.

"This transaction had a lot of moving pieces, with the simultaneous closing of the property acquisition, assumption of the existing senior loan and placement of a new supplemental loan,” said Harrington. “It took a tremendous amount of coordination and communication by all parties to arrive at the finish line together."

The property features 23 residential building, comprised of 200 units, and a clubhouse. Community amenities include: Business center, clubhouse, cyber café, playground, pool and sundeck, outdoor pool table, 24-hour CrossFit gym and pet park.