NorthMarq Capital arranges $1.2 million refinancing for Alamar Apartments in Merced, California
Alamar Apts
LOS ANGELES (October 15, 2013) – Daniel B. McCarthy, senior vice president/senior director of NorthMarq’s Los Angeles regional office, secured refinancing of $1.2 million for Alamar Apartments, a 104-unit, conventional market multi-family property located 200-238 South Canal Street, Merced, CA. Financing was based on a 12-year term and a 12-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company. The property has contained a Low-Income Housing Tax Credit and a ground lease. “The borrower wanted a fully amortizing loan,” said McCarthy, “and with the size of the loan not many lenders would step up but we had a correspondent lender that satisfied the clients request and closed as quoted.”
About Northmarq
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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
