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. 

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.