Auerbacher of NorthMarq orchestrates $4.75 million bridge loan for 338 units

Mississippi, USA Elliot Auerbacher, vice president of NorthMarq's New York City Metro Regional office, arranged a bridge loan of $4.75 million for acquisition of the Mississippi HAP portfolio. The portfolio consists of four affordable housing, 100% Section 8 properties with a combined total of 338 units located in rural Mississippi. Financing was based on a 9-month interest-only term. NorthMarq arranged this financing for the borrower through its relationship with a hard-money bridge lender. "Financing affordable housing transaction so that deserving families have shelter is important to not just the community, but also to our company," Auerbacher said. "It's a noble cause that adds an extra layer of value to our work." NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plusâ„¢ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.