Hudson, NH Mark Whelan, vice president of NorthMarq Capital’s Boston-based regional office, finalized the $2.65 million refinance of a 41-unit multifamily property. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“We began the process of finding a lender to retire the existing agency debt before the end of 2016,” Whelan said. “We were happy to find a portfolio lender willing to hold the interest rate for more than 60-days without any added cost to the sponsors.”
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, and has maintained a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion.