Northmarq secures $7.6M refinancing for 21-unit apartment community in Santa Barbara, CA
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SANTA BARBARA, Calif. — Northmarq’s Newport Beach Debt + Equity team, led by Scott Botsford and Matt Radich, arranged $7.61 million in refinancing for La Cumbre Apartments, a 21-unit garden-style multifamily community located at 111 N. La Cumbre Road in Santa Barbara, California.
Northmarq arranged the permanent fixed-rate loan on behalf of the borrower, Driven Capital Partners LLC, through the firm’s in-house Fannie Mae DUS platform. The financing is structured on a seven-year, full-term interest-only loan.
"In a low-cap-rate market like Santa Barbara, loan sizing is often constrained more by debt service coverage than by value,” Radich said. “To achieve the sponsor's goals, we utilized Fannie Mae’s rate buydown option to secure higher proceeds than comparable bank and life company alternatives while securing full-term interest-only to keep the focus on cash flow."
La Cumbre Apartments offer studio, one- and two-bedroom units with in-unit laundry, stainless steel appliances and stone countertops.
Situated in a highly desirable Santa Barbara neighborhood, the community offers convenient access to local retail amenities and highly rated schools, including Monte Vista Elementary School, La Colina Junior High School and Santa Barabara County Rop-South High School.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
