ORLANDO (September 16, 2013) – David Schofield, senior director of NorthMarq’s Orlando regional office, arranged refinancing of $6.595 million for Summit at Metrowest, a 280-unit, market-rate multifamily property in Orlando, Florida. Financing was based on a 5-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Summetro, Inc., through its relationship with a life company lender. “The lender rate locked this loan on February 14th for an August 5th closing, allowing the borrower to lock in a very low rate and eliminate the interest rate risk, which in hindsight was very beneficial to the borrower,” Schofield said.
Multifamily -
Debt
