Tom Peloquin, head of Northmarq’s Carolinas Debt + Equity team, successfully secured $78.4 million in permanent fixed loans for a portfolio of five mid-rise apartments located on Manhattan’s Lower East Side. The 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 through Northmarq’s Fannie Mae DUS platform on behalf of the borrower, The Downtown Apartments LLC.The external refinance transactions were structured with a term of ten years.
According to Peloquin, “Northmarq provided our borrower with competitive terms for fixed-rate loans that offer full-term interest-only payments while also meeting their deadline for existing debt maturity.” He also noted that the collaboration between Northmarq’s production, underwriting,and closing teams was seamless in refinancing these five non-contiguous properties situated in New York City’s desirable Lower East Side neighborhood.
