Northmarq has secured the combined $10.741 million refinancing of two apartment communities in Memphis, TN totaling 291 units. Mike Padilla and Dan Trebil of Northmarq’s Minneapolis debt/equity team arranged the financing to bring quality affordable housing options to the Memphis market.
The multifamily properties named Bantam – Airways and Bantam – Springbrook were built in 1973, with each undergoing a full renovation in 2022 that included an on-site clubhouse, pool and completely updated units. Northmarq was able to secure permanent-fixed loan for the borrower through its status as a Freddie Mac Optigo lender with five years interest only followed by a 35-year amortization schedule.
This successful refinancing is another example of Northmarq’s commitment to providing quality real estate solutions for their clients throughout all markets they serve nationwide.
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