NorthMarq Capital’s San Diego office secures $8.1 million refinance of Downey Court Apartments in Downey, California

Downey Court Apts

Debt & Equity

Multi-Tenant

SAN DIEGO (September 10, 2018) – Marty Meagher, senior vice president and Gardiner Champlin, senior vice president of NorthMarq Capital’s San Diego regional office arranged the $8.1 million refinance of Downey Court Apartments, a 74 unit multifamily property located at 7841-7861 Stewart and Gray Road in Downey, California. The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.

“The borrower was able to eliminate rate risk on this refinance months in advance of the open prepayment period of the former loan by using a combination of Freddie Mac’s spread lock for 60 days, then an early rate lock several weeks prior to closing,” said Meagher.

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About Northmarq

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.