SAN DIEGO, CALIFORNIA (August 14, 2019) – Aaron Beck, vice president of NorthMarq’s San Diego regional office, secured a $14.5 million refinance of a 182-unit apartment property located in Las Vegas, Nevada. NorthMarq arranged the long-term non-recourse financing for the borrower through Fannie Mae’s Green Rewards program. The loan was structured with 7 years of interest-only payments and a fixed interest rate in the mid-three percent range.
“This refinance provided cash out that will be used to expand the existing real estate portfolio,” explained Beck. “The borrower committed to making low-cost improvements at the property that will reduce water and energy consumption according Fannie Mae’s Green Rewards program. As a result, the spread was reduced by more than 40 bps when compared to a non-green execution.”