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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
