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.