SAN DIEGO (January 17, 2018) – Marty Meagher and Gardiner Champlin, senior vice presidents of NorthMarq Capital’s San Diego regional office, arranged refinancing of $40,500,000 for two multifamily properties in California and Nevada. These separate loans for each property share common principals, and are structured with a 7-year fixed rate loan term. NorthMarq arranged financing for the borrower through its Fannie Mae platform. The fortunate buyer took advantage of green rewards and year end promotional pricing to secure the deals.
Forest Glen: Located in Escondido, California, this 184-unit multifamily property received refinancing of $24.5 million. Forest Glen offers a modern country-side level of comfort while being advantageously close to the city.
Shadowbrooke Apartments: Located in Las Vegas, Nevada, this 256-unit multifamily property received refinancing of $16 million. Shadowbrooke Apartments provide limitless amenities with a remarkable location and sensational value.
“Our long-standing client became aware in late October of a Fannie Mae ‘blue light special’ for loans that could be delivered by the end of the year,” noted Meagher. “With two projects close to loan maturity, our client needed refinancing by early 2018. NorthMarq’s Fannie Mae platform pulled out all the stops to underwrite and close the two refinance loans on November 30, ensuring the client received the benefit of discounted pricing for year-end deliveries and saved the client the impending cost of two weeks’ double interest, by beating the tight deadline. Needless to say, the client is very pleased with the execution.”