Multifamily - Debt

NorthMarq Capital arranged $13.999 million mortgage for Stratford Point Apartments in Sanford, Florida

ORLANDO (September 17, 2013) – Melissa Marcolini Quinn, senior director/senior vice president of NorthMarq’s Orlando regional office, arranged first mortgage refinancing of $13.999 million for Stratford Point, a 384-unit affordable housing community located at 1700 Old England Loop in Sanford, Florida. Financing was based on a 35-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Picerne Real Estate Group, through its relationship with a FHA/HUD lender. “In conjunction with the FHA 223(f) financing we were able to assist the borrower in securing subordinate state funding in return for the conversion of select units to Extremely Low Income status, consistent with the Borrower’s mission to provide affordable housing,” Marcolini Quinn said. “This funding enabled us to refinance the property using FHA 223(f) mortgage program, which provides a long term self-amortizing loan at an attractive interest rate for the borrower.”

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.