Real estate financial intermediary NorthMarq recently arranged combined acquisition financing of $11.1 million for two multifamily properties located in Orange Park, Fla.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrowers, Fieldstone Group, LP and Millstone, LP, by NorthMarq through its seller-servicer relationship with Freddie Mac. Ryan Whitaker, vice president of NorthMarq’s Jacksonville Regional office, spearheaded the operation.
“Each property was an acquisition with legal complexity associated with the HOA and separate CDD and had to close by year-end 2012,” Whitaker said. “Freddie Mac understood the time sensitivity and legal complexities added by the HOA and CDD structures and delivered another successful closing for NorthMarq.”
The two properties make up for 160 market rate units, with Fieldstone Village Apartments—located at 573 Oakleaf Plantation Parkway—consisting of 96 units, and Millstone Village Apartments, set at 4190 Plantation Oaks Boulevard, of another 64 units. Both properties are part of a Home Owner’s Association (HOA) and Community Development District (CDD).
Image courtesy of NorthMarq