Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office arranges a $5.8 million financing for a 98-unit apartment complex

SAN DIEGO (April 2, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, has arranged a $5.8 million loan for an apartment property located in Dallas, Texas. The financing was arranged for the borrower through Freddie Mac’s Small Balance Loan (SBL) program. The sponsor recently completed a substantial renovation of the property that included full interior upgrades, new exterior paint, and a refurbished pool. “The non-recourse loan paid off a high interest rate bridge loan used to complete the renovations and returned a significant amount of equity to the borrower. This new financing is structured with a low fixed interest rate and very flexible prepay. The prepay flexibility allows the borrower the option to transfer the loan to a new owner or prepay the loan at a nominal cost,” said Beck.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.