Finance i Ohio

NorthMarq Capital provides financing for three multi-family properties in Cleveland

Cleveland-3-property-portfolio1

Melissa Marcolini Quinn, senior vice president/managing director of NorthMarq Capital's Orlando-based regional office, arranged acquisition financing of $32 million for three multi-family properties of 702 total units in Cleveland.

Melissa Marcolini Quinn, senior vice president/managing director of NorthMarq Capital's Orlando-based regional office, arranged acquisition financing of $32 million for three multi-family properties of 702 total units in Cleveland.

The high-leverage loan equaled 77 percent of the acquisition cost, and was structured with a 10-year term and a two-year interest-only period followed by a 30-year amortization schedule.

NorthMarq arranged the acquisition for the borrower through its relationship with a CMBS lender.