Multifamily - Debt

NorthMarq’s Los Angeles office secures $36.925 million refinancing of 13 multifamily properties in Northern California

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.”  

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.