NorthMarq Capital’s San Diego office arranges a $5.8 million financing for a 98-unit apartment complex
SAN DIEGO (April 2, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, has arranged a $5.8 million loan for an apartment property located in Dallas, Texas. The financing was arranged for the borrower through Freddie Mac’s Small Balance Loan (SBL) program. The sponsor recently completed a substantial renovation of the property that included full interior upgrades, new exterior paint, and a refurbished pool. “The non-recourse loan paid off a high interest rate bridge loan used to complete the renovations and returned a significant amount of equity to the borrower. This new financing is structured with a low fixed interest rate and very flexible prepay. The prepay flexibility allows the borrower the option to transfer the loan to a new owner or prepay the loan at a nominal cost,” said Beck.
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