Multifamily

NorthMarq Capital arranges acquisition financing of $10.6 million for multifamily in Salt Lake City, Utah via Fannie Mae’s Green Rewards Program

SAN FRANCISCO (January 31, 2017) – Dennis Williams, senior vice president/managing director of NorthMarq Capital’s San Francisco-based regional office, arranged acquisition financing of $10.6 million for The 500 Apartments, a 109-unit multifamily property located at 3440 South 500 East in Salt Lake City, Utah. The transaction was structured with a 7-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through Fannie Mae’s Green Rewards Program.

“The Fannie Mae Green Rewards program was a great fit for this acquisition transaction,” said Williams. “The Green Rewards financing reduced the borrower’s cost of capital, enabling them to invest in water-saving measures throughout the property that are environmentally friendly.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.