ATLANTA (August 2, 2018) – Wanda Riggs Mack, vice president of NorthMarq Capital’s Atlanta regional office, arranged acquisition financing of $6,840,000 for Village West Apartments, a 160-unit multifamily property located in Auburn, Alabama. The transaction structure provided for a 10-year term, utilizing a 30-year amortization schedule after a five-year interest only period. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
“It’s always encouraging when a borrower is confident enough in your services to ask for your assistance (yet again) for a new transaction. Also, the borrower requested a specific time frame for closing,” said Mack. “We were able to accommodate their requested closing date due to the efforts and coordination of the borrower and the Northmarq Freddie team. Ultimately, we were also able to provide more in loan proceeds than originally requested.”