NorthMarq Capital’s San Diego office arranges $17 million loan utilizing Fannie Mae’s Green Rewards Program

Apartment Property
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SAN DIEGO (April 5, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, secured the $17 million refinance of a 280-unit apartment property located in Las Vegas, Nevada. NorthMarq arranged long-term non-recourse financing for the borrower through Fannie Mae’s Green Rewards program. As a result, the fixed interest rate for the loan was locked in at more than 35 basis points below a conventional Fannie Mae execution. “This refinance provided substantial cash out for the borrower with a sub-4 percent fixed interest rate.” explained Beck. “The sponsor committed to making improvements at the property that reduce water consumption according to Fannie Mae’s Green Rewards program. In turn and at a nominal cost, the sponsor is realizing an increase in cash flow due to the reduced rate.”

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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.