SAN DIEGO (April 10, 2018) – Eric Flyckt, managing director of NorthMarq Capital’s San Diego office, provided $15.698 million in financing for the Twenty-2-Eleven Apartments, a multifamily property located in Canoga Park, California. The 102-unit property, built in 1976, benefits from a strong submarket and is in close proximity to Cal State Northridge, employment centers, retail centers, educational facilities and regional freeways. NorthMarq provided financing for the borrower as a Fannie Mae DUS lender.
“Fannie Mae’s Green Rewards loan for this property offered the maximum loan proceeds available in the market at a fixed rate below 4.5 percent,” said Flyckt. “This allowed the Borrower to pay off their equity investor who partnered with them in acquiring the property in 2015. The 10-year term loan was structured with five years of interest-only payments followed by a 30-year amortization. Fannie Mae’s Green Rewards program offers a reduced interest rate and higher loan proceeds in exchange for property improvements resulting in energy or water savings. The Borrower will be completing water efficiency upgrades at a cost of $85 per unit to qualify for the Green Rewards program.”