Multifamily - Debt

NorthMarq Capital

NorthMarq Capital arranges acquisition financing of $6.84 million for Village West Apartments in Auburn, Alabama

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.”

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.