NorthMarq’s Atlanta office completes $13.155 million refinance of Cimarron Ridge in Mobile, Alabama
ATLANTA, GEORGIA (August 10, 2021) – Randy Wolfe, senior vice president/managing director of NorthMarq’s Atlanta office, secured the $13,155,000 refinance of Cimarron Ridge. The multifamily property contains 248 units and is located at 6427 Grelot Road in Mobile, Alabama. The transaction was structured with a 12-year term with 5-years of interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the repeat borrower through Fannie Mae.
“The borrower performed upfront value-add physical improvements and has increased rents since the acquisition,” noted Wolfe.
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.
