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Northmarq Arranges $10.7M Refi for Two Memphis Properties
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.
The multifamily properties named Bantam – Airways and Bantam – Springbrook are close to each other and bring quality affordable housing options to the Memphis market. Both apartment communities were built in 1973, and each underwent a full renovation in 2022.
The properties each offer a full amenity package that includes an on-site clubhouse, pool and completely updated units.
Northmarq was able to secure the permanent-fixed loan for the borrower through its status as a Freddie Mac Optigo lender. The financing deal was structured with five years interest only, followed by a 35-year amortization schedule.
- ◦Financing
