Northmarq has secured the combined $10.741 million refinancing of two apartment communities totaling 291 units in Memphis, TN. Mike Padilla and Dan Trebil of Northmarq’s Minneapolis debt/equity team arranged the financing for these multifamily properties named Bantam – Airways and Bantam – Springbrook, which are close to each other and bring quality affordable housing options to the Memphis market. Both were built in 1973, but underwent a full renovation in 2022 with an amenity package that includes an on-site clubhouse, pool and completely updated units.
The loan was structured as a permanent-fixed loan through Northmarq’s status as a Freddie Mac Optigo lender with five years interest only followed by 35 years amortization schedule for the borrower’s benefit.
This successful refinancing demonstrates Northmarq’s ability to provide quality affordable housing options while also delivering competitive terms for borrowers seeking long term stability from their investments into multifamily properties located within Memphis’ real estate market.
