NorthMarq’s Miami, FL office secures $41.777 million refinance for Southern Virginia
MIAMI, FL — Bob Harrington and Paul Whalen, vice presidents of NorthMarq’s Miami office, completed the $41.777 million refinance of a multifamily portfolio in Southern Virginia. The three-property portfolio contains a combined 724 units. The transaction was structured with a 10-year term, interest rate in the upper 2%’s with 5-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged the fixed rate loan for the borrower through the company’s status as an Optigo lender.
• Reserve at Deer Run Apartments - Newport News, Virginia (232 Units)
• Newport Commons Apartments - Newport News, Virginia (272 Units)
• Jefferson Pointe Apartments- Prince George, Virginia (220 Units)
The Prince George property has an approximately 30 percent military concentration from nearby Fort Lee, while the two Newport News properties qualified as 100 percent Mission, meeting Freddie Mac’s goal of providing affordable rental housing. The properties were also coming out of a significant renovation project, and the Freddie Mac loan terms will allow the borrower to seek supplemental financing after a stabilized operating history has been achieved.
“Even when not in a health pandemic, the logistics of a simultaneous three-property closing can be challenging. Great communication by all of the parties involved – including the borrower, lender, legal and closing teams – made this a very efficient process,” said Harrington. “We are gratified that the borrower, in a highly competitive market, entrusted NorthMarq to recapitalize these properties.”