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.