NorthMarq arranges $30 million construction loan for Tidewater at Salisbury in Salisbury, Massachusetts
Tidewater at Salisbury
BOSTON (January 13, 2014) – Ed Riekstins, senior vice president of NorthMarq Capital's Boston regional office arranged permanent financing for a construction loan of $30 million for Tidewater at Salisbury, a 222,519 sq.ft. affordable housing complex located at 191 Beach Road, Salisbury, Mass. Financing for the transaction was structured with a construction period of up to 36 months with a 10-year term following the conversion date and 30-year amortization. NorthMarq facilitated financing for the borrower through its relationship with a national bank. “We were pleased we could accommodate the borrower’s requirements for sourcing a competitive construction/permanent loan for a new Class A multi-family project in an underserved market,” said Riekstins.
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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.
