LOS ANGELES (June 5, 2018) – Joe Giordani, vice president of NorthMarq Capital’s Los Angeles regional office, arranged acquisition financing of $1.3 million for Beacon Manor, a 51-unit multifamily property located at 2306 Douglas Road in Ferndale, Washington. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
“Our borrower was purchasing this Low Income Housing Tax Credit (LIHTC) deal with various third party agreements complicating the deal,” said Giordani. “Our Freddie Mac Targeted Affordable Group did a great job in helping navigate the waters and we successfully executed the 1031 exchange for the client.”