Tom Peloquin, head of Northmarq’s Carolinas Debt + Equity team, successfully secured $78.4 million in permanent fixed loans for five mid-rise apartments located on Manhattan’s Lower East Side. The portfolio includes Tompkins Square Plaza ($50 million), 516 E. 11th St., 163 Stanton St., and 57 Pitt St. ($15.5 million), and 49 Ludlow St. ($12.9 million). Peloquin worked with his team to arrange financing through Northmarq’s Fannie Mae DUS platform on behalf of the borrower, The Downtown Apartments LLC.
The transactions were structured with a term of ten years and full-term interest-only loans at competitive rates through Northmarq’s Fannie Mae DUS platform.
Peloquin stated that “Northmarq provided our borrower with fixed-rate loans at competitive terms while meeting their maturity deadline for existing debt.” He also praised the collaboration between production, underwriting, and closing teams within Northmarq to successfully refinance all five properties located in the desirable Lower East Side neighborhood in New York City.
