Salisbury, MD — Bill Libercci, senior vice president/senior director of NorthMarq Capital’s Baltimore regional office, negotiated refinancing of $12.585 million for Runaway Bay, a 180 unit multifamily property located in Salisbury. The apartment complex offers numerous amenities such as an outdoor pool with a clubhouse and is adjacent to The Centre at Salisbury regional mall. NorthMarq arranged financing for the borrower through its relationship with Fannie Mae.
“The borrower and lender worked hard to accommodate the borrower's desire to eliminate interest rate risk and refinance a good asset in a secondary market,” said Libercci.