NorthMarq Capital’s Washington DC office arranges permanent financing of $9,504,000 for multifamily property in Washington, DC
Multifamily Property
WASHINGTON, D.C. (December 7, 2017) – NorthMarq Capital’s Washington D.C. regional office, arranged permanent financing of $9.504 million for the acquisition of a 156-unit multifamily property located in the Congress Heights/Anacostia neighborhood of Washington, D.C. The property is proximate to transportation routes, public transit, downtown D.C. and other apartment demand drivers. The area is a strong apartment market with high barriers to entry due to lack of land in the immediate area. The property is 94 percent leased with all the vacancy consisting of down units. The Borrower is renovating 10 down units, increasing near term income potential while continuing to upgrade older units as the tenants roll-over will increase longer term potential income.
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.
