NorthMarq’s San Francisco office closes $26 million bridge loan for acquisition of Cypress Village in Buena Park, California

SAN FRANCISCO (January 14, 2019) – Nate Prouty, senior vice president/managing director, Andy Slaton, vice president, and Briana Harney, vice president, of NorthMarq’s San Francisco regional office, collaborated to arrange the $26 million bridge loan for the acquisition of Cypress Village, an 88-unit multifamily property located at 6343 Lincoln Avenue in Buena Park, California. The transaction was structured with a 24-month, interest-only term. NorthMarq, through its relationship with a bridge/mezzanine lender, arranged the financing on behalf of a local sponsor in a joint venture with Harbert Management Corporation.

Cypress Village, built in the early-1960’s, was acquired as a value-add opportunity. The sponsor plans to update unit interiors and make improvements to the exteriors and common areas. The property is located in close proximity to Cypress College, retail establishments along Lincoln Avenue, Buena Park’s Downtown shopping center, and Knott’s Berry Farm.

“Our client identified this property as a seamless fit for their business model and sought a bridge loan to complete the acquisition and fund property renovations,” explained Prouty. “The lender was able to bring an appropriately structured and attractively priced option to the table to support the borrower's business plan.”