NorthMarq Capital Secures Lake Weston Point Community Refinance
- May 09, 2014
NorthMarq Capital secured an $8.83 million refinance for Lake Weston Point Apartment Homes.
NorthMarq Capital is a privately held commercial real estate financial intermediary, providing mortgage banking and commercial loan servicing. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 billion the company operates in 34 offices over the U.S. and has long loan production and loan servicing relationships with more than 50 life companies, many commercial mortgage-backed security platforms and hundreds of local, regional and national banks.
The company arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Structured with a 7-year term with 2-years interest only and a 30-year amortization schedule, the transaction of the adjustable rate mortgage was completed by Melissa Marcolini Quinn, managing director and senior vice president of NorthMarq Capital’s Orlando based regional office. She considers Freddie Mac’s floating rate offer “extremely attractive,” according to a press release.
The 240-unit affordable housing property is located at 2201 Weston Point Drive, Orlando. The pet-free community offers four floor plans with two to four bedrooms and two bathrooms, up to 1292 square feet. The apartments are air conditioned, equipped with central heating, ceiling fans, oversized closets, dishwashers and washer & dryer connections. Residents also have access to a lineup of community amenities such as afterschool program for kids, a clubhouse, car care area, a swimming pool, a sports court and a fitness center.
Photo credits: Lake Weston Point