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.”