Melissa Marcolini Quinn, senior vice president/managing director of NorthMarq Capital’s Orlando-based regional office, arranged acquisition financing of $32 million for three multi-family properties of 702 total units in Cleveland.
The high-leverage loan equaled 77 percent of the acquisition cost, and was structured with a 10-year term and a two-year interest-only period followed by a 30-year amortization schedule.
NorthMarq arranged the acquisition for the borrower through its relationship with a CMBS lender.
