Northmarq secures $53.72M refinance of 260-unit multifamily community in Folsom, CA

FOLSOM, Calif. — Northmarq’s Newport Beach Debt + Equity team has successfully arranged $53.72 million in financing for Fairmont at Willow Creek, a 260-unit garden-style apartment community located at 200 S. Lexington Drive in Folsom, California.

The team — led by Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao — arranged financing on behalf of the borrower, CWS Capital Partners LLC, through Northmarq’s in-house Fannie Mae DUS team. The transaction was structured with a five-year term and full-term interest-only payments. It featured a 70% loan-to-value ratio and used a 35-year amortization schedule for sizing purposes.

“The Northmarq team was highly engaged throughout the closing process, ensuring everything went seamlessly. We achieved outstanding outcomes in both proceeds and interest rate,” said Gary Carmell, president of CWS Capital Partners.

Fairmont at Willow Creek offers one- and two-bedroom apartments with custom kitchens, in-unit washer/dryers and private patios/balconies. Community amenities include a clubhouse, swimming pool and spa, fitness center, dog park and more.

“CWS timed the market perfectly to execute on this early refinance, locking in a great rate and providing them with cash-out dollars for planned property improvements,” said Giordani.