Northmarq’s San Diego office completes $12,911,000 refinance for May’s Landing Apartments in Salem, Oregon

May's Landing Apts
Debt & Equity
Multi-Tenant
Multifamily
Permanent Loan - Fixed
Fannie Mae
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SAN DIEGO, CALIFORNIA (May 6, 2022) – Conor Freeman, vice president of Northmarq’s San Diego regional office arranged the $12,911,000 refinance of May’s Landing Apartments in Salem, Oregon. The 96-unit garden-style multifamily property was recently constructed by Salem-based Rushing Group. The transaction was structured with a 10-year term and 10 years of interest-only payments. Northmarq secured financing for the borrower through its in-house Fannie Mae platform. 

“May’s Landing qualified for a Green Globes certificate which enabled Fannie Mae to offer a meaningful reduction in spread. The permanent refinance allowed the Rushing Group to take out their interim bridge debt utilized during the property’s lease-up and return equity for their next multifamily development,” said Freeman.

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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.
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