NorthMarq’s San Diego office secures $23.73 million acquisition financing of Lakeside Drive Apartments in Tempe, Arizona
SAN DIEGO, CALIFORNIA (February 22, 2019) – Marty Meagher, senior vice president and Gardiner Champlin, senior vice president of NorthMarq’s San Diego-based regional office arranged acquisition financing of $23.73 million for Lakeside Drive Apartments, a 150-unit multifamily property located at 500 West First Street. The fixed-rate loan was structured with a 10-year interest-only term. NorthMarq arranged financing for the borrower through its in-house Fannie Mae platform.
Apartment amenities include: garage parking, granite countertops, gourmet kitchens and gas stovetops, storage units, modern cabinetry, modern tile backsplash, online resident portal, smartphone resident access system, pet friendly policy, USB charging outlets, stainless steel appliances, Wi-Fi, washer/dryer, air conditioning/heating, ceiling fans and smoke free. Community amenities include: fitness center, fenced lot, rooftop lounge, cabana, grill, waterfront/lake access, barbecue area, energy star certified, property manager on-site, recycling, renters insurance program, planned social activities, conference room, corporate suites and pool.
“NorthMarq’s Fannie Mae team provided a very efficient process to facilitate this long-term repeat client’s acquisition of a new Class A multifamily asset near the heart of downtown Tempe,” said Champlin.
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 and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
