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 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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
