Dennis Williams arranged $63.9 million mortgage for Esplanade at Riverwalk in Riverside, California
Esplanade at Riverwalk
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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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
