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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
