Sue Blumberg, senior vice president of NorthMarq’s Chicago regional office, arranged refinancing of $6.862 million for Pavilion Apartments. The property is located at One Lafayette Plaisance, Detroit, and features 340 units. The conventional market, multifamily property will maintain full occupancy throughout recapitalization.
Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Pavilion Apartments LLC, through its relationship with Freddie Mac.
“This is a refinance that took advantage of a lower interest rate, allowing the owner to modernize and enhance the amenities of the property,” Blumberg said. “It is an extremely well maintained property with superb management.”
