NorthMarq Capital arranges $14.563 million mortgage for Esteban Park Apartments in Phoenix, Arizona
Esteban Park Apts
LOS ANGELES (October 1, 2013) – Mark Grace, vice president of NorthMarq’s Los Angeles regional office, arranged refinancing of $14.563 million for Esteban Park Apartments, a 204-unit, market-rate multifamily property located at 5611 South 32nd Street in Phoenix, Arizona. Financing was based on a 35-year term and a 35-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a Fannie Mae HUD lender. “NorthMarq was able to close this HUD refinance with no changes to reserve requirements. The borrower was able to lock in a very low rate and achieve significant savings at the property with no material costs to refinance the asset,” Grace said.
About Northmarq
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.
