NorthMarq Arranges $13.11M Mortgage for East Side Portfolio
- May 19, 2010
Milwaukee—NorthMarq recently arranged first mortgage financing of $13.111 million for the East Side Portfolio.
The portfolio is comprised of a total of 14 brick walk-up multifamily buildings ranging from 16-82 units for a total of 495 units located in various locations on Milwaukee’s East Side.
Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent bank. This transaction provided for the refinancing of a portion of a large multi-party exchange.
The transaction consisted of $13.111 million in permanent loans spread over 13 individual loans. Throughout the process, the lender was willing to accommodate multiple adjustments and responded to borrower needs during what was a complex transaction.