NorthMarq Arranges 35-Year, $15M Mortgage via AmeriSphere
- Sep 16, 2010
Memphis, Tenn.–Sam Berns, senior vice president and managing director of NorthMarq Capital’s Upstate New York Regional office arranged first mortgage financing in the amount of $15,002,500 for Crescent at Wolfchase, a 200-unit multifamily property located here.
Financing was based on a 35-year term and a 35-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Mortgage Finance LLC, a FHA multifamily lender.
According to Berns, this loan provided close to 85 percent Loan-to-Value. “AmeriSphere FHA group worked diligently with the borrower and HUD to resolve many issues prior to closing,” he says.