Multifamily - Debt

NorthMarq Capital

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

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. 

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $55 billion and the multi-year tenure of our more than 500 people.