Northmarq completes nearly $50 million in financing for Golden Bee Properties acquisition of nine properties

Financing of nearly $19 million was delivered for a seven-property multifamily portfolio and $30 million for a separate two-property portfolio

LOS ANGELES, CALIFORNIA (February 21, 2022) – Zalmi Klyne, senior vice president of Northmarq’s Los Angeles-based regional office, recently completed nearly $50 million in financing for Golden Bee Properties’ recapitalizing of seven multifamily properties in Los Angeles and purchase financing for a two-property portfolio in Long Beach.

“Our purchase of the Ackerfield assets and recapitalization of our South LA portfolio could not have been accomplished without the diligence of Zalmi, Stan and the NorthMarq team.  They are a key ingredient to our success and aid in every aspect of the financing of our assets from the initial underwriting to the final closing,” said David Berneman, CEO of Golden Bee Properties.  

Southfield East & West: Northmarq finalized acquisition financing of $30,225,690 for Southfield East & West. The 143-unit multifamily property (originally built in 1973) is located at 5565 & 5700 South Ackerfield Avenue in Long Beach, California. The transaction was structured with a 2-year bridge loan with three 1-year extensions through Northmarq’s relationship with a debt fund. 

“The lender understood Golden Bee’s acquisition/rehab plans and understood ADUs,” said Klyne. “They stuck with the borrower through many deal changes and ended up receiving the best terms available.” 

South Los Angeles Portfolio: Northmarq secured financing of a combined $18,968,000 for seven multifamily properties consisting of 108 total units. Northmarq arranged the permanent-fixed loans for the long-term borrower client, Golden Bee Properties, through its relationship with a regional bank. The permanent-fixed loans were structured with 3-year interest-only terms (with a flexible prepayment penalty structure) and were provided as a broader recapitalization of the properties. 

“Golden Bee has already finished the majority of the rehab / renovation of the properties, the recapitalization and cash-out of these deals will allow them to maximize value and take these assets to the next level,” said Klyne.