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Northmarq Arranges $29M Refi for Jacksonville Apartment Community
Northmarq has secured $29 million in refinance funding for the Arlington West Apartments in Jacksonville, NC.
Bob Harrington and Paul Whalen of Northmarq structured the transaction with a 10-year interest-only term and arranged financing for the borrower through its Optigo status as a Freddie Mac lender.
“This was another great Freddie Mac refinance for our repeat client,” said Harrington. “They took advantage of Freddie’s Index Lock option to lock in the 10 Year UST at 1.89 percent. This allowed them to close with a fixed interest rate in the mid three percent range, and full-term interest-only.”
The 2009-constructed Arlington West Apartments is located at 5049 Western Boulevard. The 14-building/324-unit multifamily property features a resort-style saltwater swimming pool, playground, two dog parks, fitness center, game room and business center.
- ◦Financing
