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.