Northmarq’s Boston Debt + Equity team led by Jeff Munoz and Kevin Sykes, Ed Riekstins and Jeffrey Munoz arranged $22.855 million in acquisition financing for Elora Flats & Townhomes, a 104-unit mid-rise multifamily community located at 112-114 Marston St. in Lawrence, MA. The team arranged financing on behalf of the borrower, Arrowpoint Properties LLC, through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a seven-year term with four years of interest-only payments.
“This is the second transaction we have completed with Arrowpoint this year through our DUS platform; their repeat sponsorship created an ease and certainty of execution,” Sykes said.
Built in 2009, Elora Flats & Townhomes features six four-story buildings with 104 residential units. The property has maintained average occupancy of 97.6% over the past 12 months, excluding units being renovated, and is 100% mission-driven, with all units affordable at or below 80% of area median income.