LAWRENCE, Mass.— Northmarq has arranged $22.855 million in acquisition financing for Elora Flats & Townhomes, a 104-unit affordable multifamily community in Lawrence, Massachusetts.
The financing was arranged by Northmarq’s Boston Debt + Equity team, including Jeff Munoz, Kevin Sykes and Ed Riekstins, on behalf of borrower Arrowpoint Properties LLC. The loan was originated through Northmarq’s in-house Fannie Mae Delegated Underwriting and Servicing (DUS) platform.
The financing carries a seven-year term with the first four years structured as interest-only.
“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,” said Kevin Sykes of Northmarq.
Located at 112-114 Marston Street, Elora Flats & Townhomes was built in 2009 and consists of six four-story buildings with 104 apartments. The community includes 48 one-bedroom, 23 two-bedroom and 33 three-bedroom units.
According to Northmarq, the property has maintained an average occupancy rate of 97.6% over the past 12 months, excluding apartments undergoing renovation.
Apartments feature open floor plans, eat-in kitchens with maple cabinetry, generous closet space and individually controlled heating and air conditioning. Community amenities include resident parking, elevator access, an on-site laundry facility, additional storage, 24-hour emergency maintenance and on-site management.
The community is designated as 100% mission-driven affordable housing, with all apartments restricted to households earning at or below 80% of the area median income. The property contributes toward the Federal Housing Finance Agency’s mission-driven lending requirements for agency financing.
Elora Flats & Townhomes is located approximately 25 miles north of Boston along the Interstate 495 corridor, with access to MBTA Commuter Rail service and Merrimack Valley Transit, providing transportation connections throughout Greater Boston and southern New Hampshire.
