NorthMarq Capital’s San Francisco office arranges acquisition financing of $5.6 million for Amber Grove Apartments in Sacramento, California
SAN FRANCISCO (October 20, 2016) –Nathan Prouty, managing director and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco office, arranged acquisition financing of $5.6 million for Amber Grove Apartments, a 109-unit multifamily property located at 4009 Marconi Avenue in Sacramento, California. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through Fannie Mae. “NorthMarq’s Fannie Mae DUS provided the most attractive terms for this repeat borrower,” said Prouty. “Certainty of execution was important since it was an acquisition and the sponsor liked being able to lock in long-term, low fixed rate debt while reserving the ability to obtain a supplemental loan following a value-add strategy for the asset.”
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