SAN DIEGO (July 10, 2014) – Gardiner Champlin, Marty Meagher and Eric Flyckt, senior vice presidents and managing directors of NorthMarq’s San Diego Regional office, arranged first mortgage refinancing of $32.8 million for 2924 Clairmont Apartments, a 353-unit market-rate multifamily property located in Atlanta, Georgia. Financing was based on a 5-year term with 1 year interest only then a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Fairfield Clairmont I LLC, through its relationship with a life insurance company.
The application process for this permanent loan to pay off construction financing was started before stabilization and well before the Agencies would quote the business. This low fixed rate loan with prepay flexibility met the needs of this institutional borrower. “The lender did a great job of tailoring the loan terms to meet the unique requirements of this sophisticated borrower,” said Champlin.