NorthMarq Capital arranges acquisition financing of $6 million for apartment community in Santa Rosa, California
SAN FRANCISCO (August 27, 2018) – Nathan Prouty, managing director and Tom Wight, vice president at NorthMarq Capital’s San Francisco regional office, arranged the $6 million acquisition financing for a 38-unit multifamily property in Santa Rosa, California. The 10-year Fannie Mae loan was structured with a five year interest only period.
The seller recently completed extensive renovations to the 1980s vintage property including new roof, new siding and exterior paint scheme, upgraded unit interiors with new appliances and low-flow plumbing fixtures, state of the art security system, and fully redesigned courtyard landscaping.
“This transaction serves as a great example of Fannie Mae’s willingness to cooperate with local property owners and our DUS team in order to encourage the improvement of housing stock, especially in a community like Santa Rosa that has had to overcome major adversity with wildfires,” said Wight.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
