NorthMarq Capital arranged $40.5 million in mortgages for Austin Commons Apartments and Gateway Apartments in Alameda County, California
LOS ANGELES (May 23, 2013) – Ory Schwartz, senior vice president and senior director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $17.7 million & $22.8 million, for Austin Commons Apartments and Gateway Apartments respectively. Austin Commons is a 208-unit, market-rate multifamily property located at 50 Austin Avenue in Hayward, California and Gateway Apartments is a 236 unit, primarily market rate property located at 902 Davis Street in San Leandro, CA. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac. “NorthMarq was able to get Freddie Mac comfortable with the combination of cash out, primarily month-to-month leases at the subject properties, and the TIC borrower structure. Despite the material prepayment penalties on the existing loans coming due in 2015, the sponsor wanted to lock in on the low interest rates available in the current market vs. the unknown of rates and underwriting parameters in 2015,” Schwartz said.
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