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