NorthMarq Capital arranges $6.595 million mortgage for Summit at Metrowest in Orlando, Florida
Summit at Metrowest
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.
About Northmarq
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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.