SAN DIEGO (May 15, 2014) – Marty Meagher and Gardiner Champlin, senior vice presidents/managing directors of NorthMarq Capital’s San Diego based regional office negotiated the refinance of Creekside Village Apartments. Located at 495 East 3rd Street, San Bernardino, Calif., this affordable housing property consists of 304-units and was refinanced at $16.1 million. The transaction is structured with a 35-year term and 35-year amortization schedule and was arranged for the borrower by NorthMarq through its AmeriSphere FHA platform.
Champlin credited the borrower’s achievement of a successful refinancing for the affordable housing project to a patient and very professional borrower with ample lead time available for the lengthy HUD approval process. “The borrower’s staff did a great job of managing a complex tax exempt bond defeasance, as well as achieving the extension of the project’s regulatory agreement with County officials,” he said. “The end result was favorable long-term fixed rate financing that will facilitate the continued operation of this affordable housing project for the next several decades.”