TALLAHASSEE, FL—Victoria Grand Apartments, a 320-unit market rate multifamily community in Tallahassee, FL, has secured a $30 million refi. Financing was based on a 10-year term with two years interest only then a 30-year amortization schedule.
Melissa Marcolini Quinn, senior vice president, of NorthMarq's Orlando regional office, aong with David E. Schofield, senior vice president and senior director, arranged loan for the borrower, Victoria Grand Acquisition, LLC. NorthMarq closed the deal through its seller-servicer relationship with Freddie Mac.
“This is a beautiful class A complex with a great location in the Tallahassee market,” says Quinn. The borrower requested two years of interest only, she explains, along with an increase in the loan amount after the initial application.
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