NorthMarq's Boise office arranges $12 million refinance of multifamily property in Boise, Idaho

Multifamily Property
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BOISE, IDAHO (April 10, 2018) – Steve Hollister, senior vice president at NorthMarq's Boise office, negotiated the $12 million refinance of a 140-unit multifamily property located in Boise, Idaho. The transaction was structured with a 15-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

“The interest rate was locked in August 2017 when the asset was under construction and 50 percent leased,” explained Hollister. “The lender provided 9 months from rate lock to funding to allow for completion of construction and stabilization, enabling the borrower to mitigate interest rate risk. The 65 percent LTV, 15/30 loan was priced at 165 bps over the 15-year US Treasury.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.