NorthMarq Capital secures $7.1 million mortgage for 150 units

Joseph Sweeney, senior vice president and managing director of NorthMarq's Philadelphia regional office, arranged first mortgage refinancing of $7.1 million for Southgate Apartments, a 150-unit off-campus student housing property located at 24 Marvin Dr. near the University of Delaware. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Southgate Realty Associates, by NorthMarq through its seller-servicer relationship with Freddie Mac. 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 $8 billion in annual production volume and servicing a loan portfolio of nearly $40 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.