NorthMarq Capital arranges a total of $112 million in financing

NorthMarq Capital, Inc. has arranged $112 million in commercial mortgage financing for developers of a variety of properties in Upstate New York and Pennsylvania. Sam Berns, senior vice president of NorthMarq, arranged first mortgage financing in the amount of $62.9 million for five multifamily properties in Upstate New York and Pennsylvania totaling 1,042 units. The non-recourse loans featured a 7-year fixed term followed by 1 year floating rate with a 30-year amortization. The financing was arranged by NorthMarq Capital through its affiliate AmeriSphere Multifamily Finance. AmeriSphere is NorthMarq Capital's Fannie Mae lending group. Berns also arranged a $4.1 million loan for a 36-unit addition at the Hammocks at Orchard Park. Financing was arranged through NorthMarq's relationship with Liberty Bank and was based on a 7 year term and a 30 year amortization. Michael James, vice president of NorthMarq Capital placed loans on two apartment properties, totaling $18 million in Upstate New York through Freddie Mac. The financing enabled the borrowers to replace high interest rate loans with new Freddie Mac loans with weighted interest rates of about 4.9%. He also arranged a first mortgage loan in the amount of $1.35 million for a new office building located in Clay, New York. Financing was based on an 18 year term and an 18 year amortization schedule and was arranged through NorthMarq's correspondent relationship with Sun Life of Canada. Scott DeVinney, vice president of NorthMarq Capital arranged a first mortgage loan for $6 million for the Sunmark Federal Credit Union located in Latham, N.Y. Financing was based on a 22 year term with a 10-year amortization and was arranged for the borrower by NorthMarq through its correspondent relationship with State Farm Realty Mortgage, LLC. In addition, DeVinney arranged $9.5 million in financing for the Tribune Building, a 66,000 s/f office building in Glens Falls, N.Y. The transaction was arranged through NorthMarq's correspondent relationship with American National Insurance Company. Financing was based on a 10 year term with a 25 year amortization. Nancy VanIseghem, assistant vice president of NorthMarq Capital, Inc. arranged first mortgage financing in the combined amount of $4.6 million for two self-storage properties in Rochester totaling 703 units. Financing was arranged for the borrower by NorthMarq through its correspondent relationship with StanCorp Mortgage Investors, LLC. VanIseghem also closed an $880,000 loan for an NBT Bank branch in New York State. The 15 year non-recourse loan provided a six month forward rate lock during construction and closed through a correspondent life insurance company. NorthMarq Capital, Inc., a national real estate investment banker headquartered in Minneapolis with 29 regional offices coast-to-coast, provides commercial real estate debt and equity financing and commercial loan servicing.