NorthMarq arranges the $9.12 million refinance of a multifamily portfolio in Long Beach, California
LOS ANGELES, CALIFORNIA (January 15, 2021) – Zalmi Klyne, vice president of NorthMarq’s Los Angeles office secured the $9.12 million refinance of a 3-property multifamily portfolio. The portfolio, consisting of 50 total units and built in 1959, is located in Long Beach, California. The permanent-floating loan was structured with a 10-year term with 5-yeas of interest only followed by a 30-year amortization schedule and the rate at closing was 2.75 percent. NorthMarq arranged the permanent-floating loan through its status as a Freddie Mac Optigo lender.
“The properties were being recapitalized and between the senior agency loan and the preferred piece we obtained 90 percent of the capital stack,” said Klyne.
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