NorthMarq arranged the $6.05 million refinance of an apartment complex in Twin Falls, Idaho
BOISE, IDAHO (July 31, 2020) – Steve Hollister, senior vice president of NorthMarq’s Boise and San Diego regional offices, arranged the $6.05 million refinance of an apartment complex located in Twin Falls, ID through its in-house Fannie Mae platform. NorthMarq/Fannie Mae won this business by providing an exceptional interest rate for a full-term interest-only loan with a waiver of a debt service reserve, replacement reserves, taxes and insurance escrows. The 10-year permanent fixed loan was also fully non-recourse to the borrower with no carve-out guarantees to the key principals.
“NorthMarq’s Fannie Mae team provided a flawless execution and their rate was significantly better than the competition for a full-term interest-only loan,” said Hollister. NorthMarq arranged the financing as a direct DUS lender for Fannie Mae.
The property is a 112-unit complex consisting of one, two and three-bedroom units situated in fourteen 8-plex buildings. On-site amenities include a clubhouse with exercise facility and lounge, tot lot, fenced pet area, swimming pool, BBQ areas with gazebos, carports and 20 garages. The property was completely upgraded over the past two years including exterior painting, new parking lot areas and upgraded landscaping.
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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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
