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Northmarq Arranges $11M Refi for Orlando Apartments
Northmarq arranged the $10,857 refinance of Colonial Gardens Apartments in Orlando. Mike Padilla, Northmarq senior vice president, and Dan Trebil, executive vice president and regional managing director in the Minneapolis office, arranged the transaction for the 220-unit workforce housing property.
The refinancing 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 apartment 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.
- ◦Financing

