Doug Nickerson, vice president of NorthMarq Capital's Boston regional office arranged the $10.8 million refinance for Birchwood Hills Apartments, a 68-unit multifamily property. The transaction was structured with a 7-year term and 25-year amortization schedule and was arranged for the borrower, Birchwood Hills Corp. by NorthMarq through its seller/servicer relationship with Freddie Mac.
"Freddie Mac beat out significant competition on this transaction. They priced the loan aggressively based on an existing relationship with the borrower, proactive property management and superior asset quality," said Nickerson.
NorthMarq Capital, one of the largest privately held commercial real estate financial intermediaries in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.