NorthMarq Capital Arranges $3.610M Mortgage with No Prepayment Penalty Via Federal Credit Union
- Feb 19, 2010
Cortland, N.Y.–Scott DeVinney, vice president of NorthMarq Capital’s Upstate New York regional office, arranged a $3.610 million in first mortgage financing for Village Terrace Apartments, a 96-unit multifamily property located in Cortland, N.Y.
Financing was based on a 10-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a federal credit union. According to DeVinney, a unique aspect of the transaction is that there is no prepayment penalty.