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Northmarq Arranges $78M in Permanent Loans on Lower East Side Portfolio
Northmarq’s Carolinas Debt + Equity team led by Tom Peloquin arranged the financing for five mid-rise apartments on Manhattan’s Lower East Side, securing $78.4 million in permanent fixed loans for the properties. Deals within the portfolio include:
- Tompkins Square Plaza ($50 million)
- 516 E. 11th St., 163 Stanton St. and 57 Pitt St. ($15.5 million)
- 49 Ludlow St. ($12.9 million)
Peloquin and his team arranged financing on behalf of the borrower, The Downtown Apartments LLC, through Northmarq’s Fannie Mae DUS platform. The external refinance transactions were structured on 10-year terms.
“Northmarq, with our Fannie Mae DUS platform, provided our borrower with fixed rate, full-term interest-only loans at competitive terms while meeting the sponsor’s maturity deadline on existing debt,” said Peloquin. “The Northmarq production, underwriting, and closing teams collaborated seamlessly to refinance the five non-contiguous properties, all located throughout the desirable Lower East Side neighborhood in New York City.”
- ◦Financing
