Northmarq’s Minneapolis office arranges $10,741,000 refinancing of two multifamily properties in Memphis, Tennessee
MINNEAPOLIS (July 17, 2023) — Mike Padilla and Dan Trebil of Northmarq’s Minneapolis debt/equity team arranged the combined refinance of $10.741 million for two properties consisting of 291-units. Northmarq secured the permanent-fixed loan for the borrower through its status as a Freddie Mac Optigo lender.
Bantam – Airways and Bantam – Springbrook are located near one another in Memphis, Tennessee. Both properties were constructed in 1973 and fully renovated in 2022. The properties bring quality affordable housing to the Memphis market, complete with a full amenity package that includes an on-site clubhouse, pool and completely updated units. The loans were structured with 5 years interest only, followed by a 35-year amortization schedule.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
