NorthMarq Capital’s Los Angeles office arranges $19 million refinance for two mobile home parks in Chula Vista, California
Mobile Home Parks
LOS ANGELES (June 21, 2016) – Dan McCarthy, senior vice president/senior director of NorthMarq Capital’s Los Angeles-based regional office, arranged the $19,525,000 million refinance of two mobile home parks in Chula Vista, California: • Chula Vista Mobile Home Park—a 168-unit mobile home park property located in 345 C Street, Chula Vista, California 91910 • Terry’s Mobile Home Park—a 197-unit mobile home park property located in 677 G Street, Chula Vista, California 91910. The transaction was structured with a 10-year term with 10-years interest only. NorthMarq arranged financing for the borrower through its relationship with Fannie Mae. “The borrower’s main focus was to preserve his cash flow from the assets. Fannie Mae was the only lender willing to provide this amount of leverage for a full term 10-year interest-only loan with an exceptional rate in the low three percent range,” said McCarthy.
About Northmarq
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.
