NorthMarq Capital’s Los Angeles office finalizes $5.275 million refinance of Emerald Terrace Apartments in Santa Ana, California
Emerald Terrace Apts
LOS ANGELES (January 5, 2016) – David Blum, senior director of NorthMarq Capital’s Los Angeles regional office, arranged the $5.275 million refinance of Emerald Terrace Apartments, a 50-unit multifamily property located at 919 and 1001 South Lyon Street in Santa Ana, California. The transaction was structured with a 7-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Fannie Mae DUS program. “NorthMarq refinanced this internal Fannie Mae loan with a significantly reduced interest rate, some cash-out and waived the pre-payment penalty,” said Blum.
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