NorthMarq Provides $7M Fannie Mae Refinancing for Multifamily Property in South Downtown Atlanta
ATLANTA — NorthMarq Capital has originated a $7 million Fannie Mae loan for the refinancing of Gallman Development Group’s construction loan for MC Kiser Lofts, a multifamily property in Atlanta. Gallman Development converted the MC Kiser Building, a historic shoe manufacturing warehouse once occupied by Atlanta Public Schools, into a multifamily property featuring 41 apartments and 10,000 square feet of retail space. Built in 1923 and situated in Atlanta’s South Downtown area, the property is near various amenities and attractions, including Underground Atlanta, the Garnett MARTA station, Newport’s South Downtown project and CIM’s Gulch project.
NorthMarq arranged construction financing almost two years ago for Gallman, and the new 10-year agency loan has fulfilled the borrower’s business plan. Will James of NorthMarq Capital’s Atlanta office secured the new Fannie Mae loan.