SAN DIEGO, CALIFORNIA (July 10, 2019) – Steve Hollister, senior vice president of NorthMarq’s San Diego-based regional office, negotiated the $7.88 million refinance of a 60-unit multifamily property that is located in Boise, Idaho. The transaction was structured with a 10-year loan term and a 30-year amortization schedule. NorthMarq arranged the fixed-rate loan for the borrower through its correspondent relationship with a life insurance company.
The townhomes offer a variety of floor plans ranging from two bed/2-2.5 baths and three bed/3.5 bath designs. Each unit has an attached two-car garage, a balcony or patio and comes equipped with natural wood cabinetry, granite counter tops and stainless steel appliances. There is a clubhouse with a fitness center and an outdoor pool and volleyball court available for resident use.
“The buildings were under construction and not yet stabilized when the borrower locked the interest rate. A top life company, represented by NorthMarq as a loan servicing correspondent, provided a very competitive interest rate which was rate locked at loan application. The loan structure allowed for six months from rate lock to funding, enabling the borrower to eliminate interest rate risk,” said Hollister.