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