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.

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.