Munoz, Sykes, and Riekstins of Northmarq arrange $22.855 million in financing for Elora Flats & Townhomes

Lawrence, MA Northmarq’s Boston Debt + Equity team led by Kevin Sykes, Ed Riekstins and Jeffrey Munoz arranged $22.855 million in acquisition financing for Elora Flats & Townhomes, a 104-unit mid-rise multifamily community located at 112-114 Marston St.

Northmarq arranged financing on behalf of the borrower, Arrowpoint Properties LLC, through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a seven-year term with four years of interest-only payments.

“This is the second transaction we have completed with Arrowpoint this year through our DUS platform, their repeat sponsorship created an ease and certainty of execution,” Sykes said.

Built in 2009, Elora Flats & Townhomes features six four-story buildings with 104 residential units. The unit mix includes 48 one-bedroom, 23 two-bedroom and 33 three-bedroom apartments. The property has maintained average occupancy of 97.6% over the past 12 months, excluding units being renovated.

Units feature open floor plans with modern layouts, eat-in kitchens with maple cabinetry, generous closet space and individually-controlled heat and air conditioning. Community amenities include ample parking for residents, elevator access, on-site clothing care center, extra storage availability, 24/7 emergency maintenance and on-site management.

The property is 100% mission-driven, with all units affordable at or below 80% of area median income, contributing directly toward the Federal Housing Finance Agency’s mission-driven purchase requirements for agency lending.

Located approximately 25 miles north of Boston along the I-495 corridor, Lawrence benefits from strong transportation infrastructure including MBTA Commuter Rail service and Merrimack Valley Transit, providing frequent connections to Boston and southern New Hampshire.