MILWAUKEE (January 10, 2013) – David Woida, vice president and managing director of NorthMarq’s Milwaukee Regional office, arranged combined first mortgage refinancings of $62.09 million for three multifamily properties containing a combined total of 926 market-rate multifamily units located in South Florida.
• Waterford Landing Apartments contain 362 market-rate multifamily units and was financed at $25,245,000. Waterford Point Apartments contain 244 market-rate multifamily units and was financed at $16,595,000. These two properties are located in Miami.
• Reflections of Boca Apartments contain 320 market-rate multifamily units and were financed at $20,250,000. This property is located in Boca Raton.
Financing for these properties was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac.
“The lender understood the strong market fundamentals of the South Florida market and was able to close on terms that met our borrower’s expectations,” said Woida.