Multifamily - Debt

NorthMarq Capital

NorthMarq Capital provides $15.698 million financing via Fannie Mae's Green Rewards program for Twenty-2-Eleven Apartments in Canoga Park, California

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.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.