Multifamily
Debt & Equity

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 is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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Castle Creek Apts
Permanent Loan - Fixed
$23,710,000