Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office secures $23.71 million refinance via Fannie Mae’s Streamlined Early Rate Lock

SAN DIEGO (August 2, 2018) – Conor Freeman, vice president and Aaron Beck, vice president, of NorthMarq Capital’s San Diego office, arranged the $23.71 million refinance for the Castle Creek Apartments, a 330-unit multifamily property located in Yakima, Washington. The transaction was structured with a 20-year term and a 30-year amortization schedule. Freeman and Beck arranged the financing through NorthMarq’s Fannie Mae DUS program. 

“The borrower elected to pay a prepayment penalty and refinance out of their existing Fannie Mae loan well before maturity in order to lock in today’s low interest rates, while also receiving significant cash out,” said Freeman. “Fannie Mae’s Streamlined Early Rate Lock program (SRL) allowed the borrower to manage interest rate volatility by locking the index and spread two weeks after application,” added Beck.

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $55 billion and the multi-year tenure of our more than 500 people.