Jeff Chaney, senior vice president and managing director of NorthMarq’s St. Louis regional office, arranged a first mortgage refinance of $11 million for Forest Woods Apartments, a 260-unit, market-rate multi-family property in Valley Park, Mo.
Financing was based on a 10-year term and a 30-year amortization schedule. The loan was arranged for the borrower, Forest Equities LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
“The repeat NorthMarq borrower took advantage of the current interest rate environment and locked in a historical low rate for 10 years on a 30-year amortization schedule secured by this well maintained 1980’s vintage apartment complex,” Chaney said.
