Northmarq announces refinancing of $10,857,000 for Colonial Gardens Apartments in Orlando, Florida
MINNEAPOLIS (June 8, 2023) — Northmarq’s Mike Padilla, senior vice president, and Dan Trebil, executive vice president and regional managing director, in the Minneapolis office, arranged the refinance of $10,857,000 for Colonial Gardens Apartments. The 220-unit workforce housing property is located in Orlando, Florida. The transaction was structured with a 10-year term with five-years of interest only payments on a 30-year amortization schedule. Northmarq secured financing for the borrower through its status as a Freddie Mac Optigo lender.
Located in west Orlando, Colonial Gardens Apartments is a newly renovated community consisting of studio and one-bedroom apartment homes. Residents enjoy the convenient location near an array of restaurants, grocery stores, and events and festivities. Colonial Gardens is only a short drive from the Orlando International Airport and Camping World Stadium, as well as several parks including Barnett and Orlo Vista Park.
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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.
