ORLANDO, FL – Melissa Marcolini Quinn, senior director/senior vice president of NorthMarq’s Orlando office, and Joel Coykendall, senior vice president/managing director of NorthMarq’s Jacksonville and Orlando regional offices, arranged refinancing of $32.373 million for Coventry Park at Southpoint, a Class A, 360-unit, market-rate multifamily community located at 6650 Corporate Center Parkway in Jacksonville, Florida. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Epoch Properties, Inc., through its seller-servicer relationship with Freddie Mac.
“This is truly a first-class asset with a great location in the Jacksonville market,” Marcolini Quinn said. “Despite a period of volatile treasury yields we were able to lock a favorable interest rate, and it was a pleasure to work with the many teams who came together to close this transaction.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. 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 Plus™ 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, manyplatforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.