NorthMarq Capital’s San Francisco office finalizes $22.1 million refinance of 690-unit multifamily property in Culver City, California
The Meadows
SAN FRANCISCO (January 6, 2016) – Jeffrey Weidell, president, Nathan Prouty, senior director and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco office arranged the $22.1 million refinance for The Meadows, a 690-unit multifamily property located at 6100-6500 Green Valley Circle in Culver City, California. The transaction was structured with a 10-year term with three years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The life company loan of $22.1 million allowed the borrower to place a low leverage loan on an asset that was owned free and clear in order to finance capital improvements and unit renovations, “ explained Slaton.
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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.
