Northmarq arranges $33 million in permanent financing for 384-unit class-A multifamily community in Sacramento, California

Granite Point Apts

SAN FRANCISCO, CALIFORNIA (July 13, 2022) – Northmarq, the largest privately-owned provider and servicer of commercial real estate debt and equity, announced today that it arranged $33 million in permanent debt to refinance Granite Point Apartments in Sacramento. The Northmarq team was led by Managing Director Dennis Williams and Vice President Tom Wight, with key analyst support from Jackie Goldsmith and Soraya Rios. 

Northmarq worked exclusively on behalf of the Sponsor, JB Matteson, to secure 10-year full-term interest-only financing through a correspondent life insurance company. Northmarq is the servicer and will remain involved for the life of the loan. Over the last three years, the Northmarq team has successfully closed over $400 million in financing across fifteen transactions for the Sponsor.

“JB Matteson applauds Northmarq and the lender for their professionalism and timely performance on this refinance,” said Tom Fischer, Principal and Director of Capital Markets for JB Matteson. “This economically attractive, long-term loan will materially improve financial performance for our investors.” 

The lender locked rate with a forward contract in October 2021, allowing the sponsor to schedule the payoff of its existing loan for July 2022 after the expiration of the prepayment penalty period. 

“The forward rate lock allowed our client to hedge against rising interest rates for the nine months prior to funding,” said Wight. “With rates increasing substantially over that time period, the opportunity cost of not locking the rate would have been several million dollars in additional debt service over the life of the loan.”

Granite Point is a 384-unit Class-A multifamily property located at 4500 Truxel Road, Sacramento. Built in 2003, the property consists of 192 one-bedroom, 180 two-bedroom, and 12 three-bedroom units. Units feature contemporary cabinetry, walk-in closets, washer/dryers, central heating and air conditioning, and private patios or balconies. Community amenities include a clubhouse, business center, fitness center and yoga studio, pool and spa with outdoor showers, sundeck with cabanas, and a picnic area with BBQs.

Granite Point is ideally situated within the North Natomas neighborhood which provides convenient access to both Downtown Sacramento and the Sacramento International Airport, each fewer than a 15-minute drive away from the community. There are five shopping centers within two miles of the property that include several restaurants, grocery stores, home improvement stores, personal services, discount retailers, and boutique shops. The Natomas Unified School district has nine elementary/K-8 schools, three middle schools, four charter schools, and three high schools in close proximity to the property. Residents can enjoy multiple parks within a 10-minute drive including the North Natomas Regional Park which sits on 200+ acres of recreational space.

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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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