NorthMarq Capital arranged $40.5 million in mortgages for Austin Commons Apartments and Gateway Apartments in Alameda County, California

Austin Commons & Gateway Apts

Debt & Equity

Multi-Tenant

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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About Northmarq

Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.