SAN DIEGO, CALIFORNIA (January 22, 2019) – Eric Flyckt, managing director and Wyatt Campbell, vice president, of NorthMarq’s San Diego office, arranged financings totaling $9.8 million for two separate apartment communities located in Las Vegas, Nevada.
A $5.2 million loan was provided for a 244-unit age-restricted apartment community, and the other community, comprising 189 age-restricted units, received financing of $4.6 million. Both loans were structured with a 15-year fixed-rate term and 15-year amortization schedule. NorthMarq arranged the financings for the borrower through its correspondent relationship with an insurance company.
“The insurance company lender provided a seven-month forward commitment for both loans that allowed the borrower to lock-in a sub-4.5 percent rate fixed for 15 years,” said Campbell.