NorthMarq Capital secures acquisition financing of $15.85 million for Cornerstone Apartments in Canoga Park, California
Cornerstone Apts
SAN DIEGO (March 17, 2016) – Eric Flyckt, managing director of NorthMarq Capital’s San Diego office, arranged $15.85 million in acquisition financing for the Cornerstone Apartments, a multifamily property located in Canoga Park, California. The property benefits from a heavily-traveled corner location, a strong submarket and is in close proximity to employment centers, retail centers, educational facilities and regional freeways. NorthMarq arranged financing for the borrower as designated underwriter for Fannie Mae. The borrower is an entity sponsored by Davlyn California Multifamily Fund I. The Fund is sponsored by the principals of Davlyn Investments. Founded in 1993, Davlyn Investments is a prominent San Diego-based real estate operating company that specializes in the acquisition, repositioning, management and sale of multifamily, office and industrial properties throughout California.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
