Northmarq’s Philadelphia Debt + Equity team has arranged a $19.1 million refinancing for Dover Run Apartments, a multifamily community in Dover, Pennsylvania. The financing recapitalizes the property at 2670 Springhouse Bend and was completed by a team led by John Banas and Kris Wood, along with David Singer and Jeff Steigerwalt.
Northmarq secured the loan on behalf of the borrower, Boyd Wilson, through Freddie Mac’s Optigo platform. The refinance was structured with a five-year term and a 35-year amortization schedule, providing longer-duration debt for the asset in what the team described as a challenging lending environment. Banas noted that both Northmarq and Boyd Wilson were focused on execution to obtain what he characterized as favorable long-term financing despite current market conditions.
Dover Run Apartments is a garden-style community built in 2019 and comprises 154 units across 13 residential buildings. The property offers a mix of one- and two-bedroom apartments, each featuring modern interior finishes. In-unit washers and dryers are included in all apartments, and residents also have access to private outdoor space through balconies or patios.
The community benefits from regional transportation connectivity, with convenient access to Route 30 and Interstate 83. These corridors link Dover Run residents to employment and amenities in nearby cities including York, Harrisburg, and Lancaster. The combination of relatively new construction, contemporary unit features, and access to multiple job centers positions the property as a stabilized rental option within the regional multifamily market.
The refinancing underscores ongoing lender interest in recently built, institutionally financed multifamily assets, particularly those able to access agency capital. By locking in a five-year term and long amortization through Freddie Mac’s Optigo platform, the borrower has reinforced the capital structure of Dover Run Apartments while maintaining agency-backed financing on a 2019-vintage asset.
