Northmarq Lends $19M for 154-Unit Multifamily Property in Pennsylvania
Northmarq’s Philadelphia Debt + Equity team, led by John Banas and Kris Wood, along with David Singer and Jeff Steigerwalt, has lent $19.1 million for the refinancing of Dover Run Apartments located at 2670 Springhouse Bend in Dover, Pennsylvania.
Northmarq arranged the deal on behalf of the borrower, Boyd Wilson. The financing was secured through Freddie Mac’s Optigo platform. The transaction was structured on a five-year term with a 35-year amortization schedule. “In a challenging lending environment, our team and the team at Boyd Wilson were on top of our game to secure great long-term financing,” Banas said.
Built in 2019, Dover Run is a 154-unit, 13-building garden-style community with a mix of one- and two-bedroom units. Each has modern finishes, an in-unit washer and dryer, and a private balcony or patio. The property has easy access to Route 30 and Interstate 83, connecting residents to employment in York, Harrisburg, and Lancaster.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout