Northmarq secures $26 million refinance of 360-unit Las Vegas multifamily community

SAN DIEGO (June 17, 2024) — Northmarq’s San Diego Debt + Equity team of Aaron Beck, Conor Freeman, Wyatt Campbell and Bryce Quezada arranged the $26 million refinance of Diamond Sands Apartments. The 360-unit multifamily property was built in 1995 and is located at 8445 Las Vegas Blvd S. in Las Vegas, Nevada.

Northmarq arranged the non-recourse financing on behalf of the borrower through its in-house Fannie Mae DUS team. The permanent fixed rate loan was structured with a 10-year term and full-term interest-only payments. The interest rate was fixed in the mid 5%’s.

“The new loan was negotiated with an extended rate lock period, allowing the borrower to lock the interest rate at the optimal time when treasuries hit a low point while pushing loan closing out 60+ days to avoid any prepayment penalty from the prior loan,” said Beck.

Diamond Sands boasts a prime location, minutes from the Las Vegas Strip and dining, shopping and entertainment along South Las Vegas Boulevard. The pet-friendly property offers one-, two- and three-bedroom floorplans with spacious walk-in closets, full-size washer and dryers and patios/balconies with extra storage. The community not only offers convenient access to Interstates 15 and 215, shopping malls and grocery stores, but residents also enjoy community amenities such as 24-hour fitness centers, pool and hot tub, covered parking and garages.