LOS ANGELES, CALIFORNIA (January 15, 2021) – Zalmi Klyne, vice president of NorthMarq’s Los Angeles regional office arranged the $36,925,000 refinance of a multifamily portfolio in Northern California. The 13 properties, located throughout Oakland and Berkeley, consists of 299 units. The transaction was structured with a 10-year term with 2-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its in-house Fannie Mae team.
The portfolio included four properties located in Berkeley, CA covering 68 units all built between the 1950 – 1960s. The rest of the nine properties are all located in Oakland totaling 222 units built between the 1920s to 1960s. All locations are conventional market rate properties.
“We were able to accommodate the borrowers complicated borrowing structure without requiring a new SPE,” said Klyne. “Although the 10-year treasury rose 30 bps from application, we were able to close at an interest rate lower than the application.”