SAN DIEGO, CALIFORNIA (July 24, 2020) – Gardiner Champlin, senior vice president and Marty Meagher, senior vice president of NorthMarq’s San Diego Office completed the $31,054,000 refinancing of a portfolio of three multifamily properties located in Las Vegas, Nevada and Lakeside (San Diego), California. The portfolio contains a combined 924 units. The transaction was structured with 10-year interest-only terms. NorthMarq arranged the permanent-fixed loans for the sponsor, a San Diego based client, through its in-house Fannie Mae team.
Silverado Village: 3750 Arville Street, Las Vegas, NV 89103, 440 units constructed in 1981, located less than 1.5 miles west of the Las Vegas “Strip” between Charleston Blvd. and West Tropicana Avenue. The two story garden style property features a clubhouse, two pools, an indoor spa, two dry saunas, three tennis courts and six laundry facilities.
Summerlin Entrada: 1701 Rock Springs Drive, Las Vegas, NV 89128, 352 units constructed in 1987, located approximately 7 miles northwest of the Las Vegas Central Business District and 9 miles northwest of the Las Vegas “Strip.” The two story garden style property features a gated entrance, clubhouse, two pools, spa, tennis court, basketball courts, fitness center, business center, tot lot, and three laundry facilities.
Stoneridge Apartments: 12840 Mapleview Street, Lakeside (San Diego County), CA 92040, 132 units constructed in 1986, located approximately 21 miles (25 minutes via freeways) northeast of Downtown San Diego. The property has convenient access to Highway 67 to the north and Interstate 8 to the south, affording access throughout the San Diego region. The two story garden style property features tuck-under private garages, pool, and five laundry facilities.
“The NorthMarq Fannie Mae team successfully closed the refinance of three maturing loans during the early stages of the COVID 19 pandemic, delivering exceptionally low 10-year fixed interest rates. Property net cash flow was materially improved with these refinancings, the process and closings were essentially stress-free, and our client is very pleased with the outcome,” said Champlin.