Elmore and Berns of NorthMarq Capital arranges $19 million mortgage

Michael Elmore, senior vice president and managing director of NorthMarq Capital's (NorthMarq) Los Angeles regional office, and Sam Berns, senior vice president and managing director of NorthMarq Capital's Upstate New York regional office, arranged a $19 million first mortgage financing for Greenleaf Meadows Apartments, a 572-unit multifamily complex located at 500 Greenleaf Rd. Financing was based on a 10-year term and a 30-year amortization schedule, and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. Elmore said, "Freddie Mac converted a maturing portfolio loan to a new 10-year CME loan and provided a substantial return of capital to the borrower. Despite the significant increase in the loan amount, the borrower's annual debt service was little changed due to the excellent execution by Freddie Mac." NorthMarq, headquartered in Minneapolis, offers commercial real estate services for investors, developers, corporations and tenants. The company provides mortgage banking and commercial loan servicing in 32 offices coast-to-coast, with an average of $7 billion in annual production volume and services a loan portfolio of nearly $40 billion. NorthMarq manages more than 60 million s/f of retail, industrial and office space in 22 markets around the country and handles more than 7,500 leasing, sales and mortgage banking transactions annually. For more information, please visit www.northmarq.com.