SAN FRANCISCO (February 11, 2013) – Dennis Williams, SVP/managing director of NorthMarq’s San Francisco-based regional office, arranged first mortgage refinance of $63.9 million for Esplanade at Riverwalk, a 588-unit market-rate multifamily community located at in Riverside, California. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Sequoia Equities, through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender. “We negotiated a prepayment penalty reduction with the existing lender and provided a Fannie take-out loan with an improved rate,” Williams said. “The borrower was able to achieve a substantial reduction of debt expense and the lender obtained a quality loan with exceptional sponsorship.”
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