Northmarq Provides $22.8M Agency Acquisition Loan for Metro Boston Affordable Housing Complex

by Taylor Williams

LAWRENCE, MASS. — Northmarq has provided a $22.8 million Fannie Mae acquisition loan for Elora Flats & Townhomes, a 104-unit affordable housing complex in Lawrence, a northern suburb of Boston. Built in 2009, Elora Flats & Townhomes comprises six four-story buildings with 48 one-bedroom units, 23 two-bedroom residences and 33 three-bedroom apartments. All units are reserved for households earning 80 percent or less of the area median income. Kevin Sykes, Ed Riekstins and Jeffrey Munoz of Northmarq originated the loan through Fannie Mae’s Delegated Underwriting Service (DUS) program on behalf of the borrower, Arrowpoint Properties.

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