Senior vice president/managing director of NorthMarq Capital’s Orlando based regional office, Melissa Marcolini Quinn, arranged acquisition financing of $32 million for three multifamily properties, consisting of 702-units, located in Cleveland, Ohio.
The high leverage loan equaled 77% 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.
“This is the second transaction this year we closed with the same borrower and investor,” said Quinn. “Despite numerous hurdles outside our borrower’s control, we were able to successfully close this acquisition financing within the purchase contract deadline.”