Fort Family Investments Lands $271M Refi for Jacksonville Portfolio
NorthMarq arranged the non-recourse Freddie Mac loans for five properties totaling 1,604 units. Dec152020 Image courtesy of NorthMarq
Fort Family Investments has refinanced a five-property multifamily portfolio totaling 1,604 units in Jacksonville, Fla., with a $271 million financing arranged through Freddie Mac by NorthMarq.
Jeffrey Lethig, vice president – Debt & Equity, in NorthMarq’s Jacksonville office, arranged the cash-out refinance through NorthMarq’s Optigo status as a Freddie Mac lender. The non-recourse loans were structured with 10-year terms and five years of interest only with 30-year amortization schedules. Fort Family Investments, a family-owned firm that has owned and managed multifamily properties in Jacksonville since 1972, locked in a low interest rate of 2.7 percent for all five properties.