Whelan of NorthMarq Capital arranges $4.846 million financing for 67-unit apartment complex

Manchester, NH Mark Whelan, vice president of NorthMarq Capital’s Boston-based regional office, arranged acquisition financing of $4.846 million for a 67-unit apartment complex. 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.

Mark Whelan, NorthMarq Capital

“We were happy to find a portfolio lender with the creativity to include an earn-out for $950,000 while also providing initial funding subject to a 10-year fixed-rate term,” said Whelan. “This lender also held the initially quoted rate at 3.75% despite the recent run-up in rates related to the election.”

NorthMarq 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.