Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office arranges $17 million loan utilizing Fannie Mae’s Green Rewards Program

SAN DIEGO (April 5, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, secured the $17 million refinance of a 280-unit apartment property located in Las Vegas, Nevada. NorthMarq arranged long-term non-recourse financing for the borrower through Fannie Mae’s Green Rewards program. As a result, the fixed interest rate for the loan was locked in at more than 35 basis points below a conventional Fannie Mae execution. “This refinance provided substantial cash out for the borrower with a sub-4 percent fixed interest rate.” explained Beck. “The sponsor committed to making improvements at the property that reduce water consumption according to Fannie Mae’s Green Rewards program. In turn and at a nominal cost, the sponsor is realizing an increase in cash flow due to the reduced rate.”

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.