Multifamily - Debt

NorthMarq Capital arranged $7.843 million mortgage for Gramercy Place in Los Angeles, California

LOS ANGELES (February 19, 2013) – Robert Hervey, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $7.843 million for Gramercy Apartments, a 68-unit market-rate multifamily property located at 550 South Gramercy Place in Los Angeles, California. Financing was based on 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac. “This transaction was a cash-out refinance of an existing Freddie Mac portfolio loan that will mature later this year,” said Hervey.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.