Multifamily - Debt

NorthMarq Capital’s San Diego office arranges $12 million refinance of multifamily property in Boise, Idaho

SAN DIEGO (April 10, 2018) – Steve Hollister, senior vice president at NorthMarq Capital’s San Diego regional office, negotiated the $12 million refinance of a 140-unit multifamily property located in Boise, Idaho. The transaction was structured with a 15-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The interest rate was locked in August 2017 when the asset was under construction and 50 percent leased,” explained Hollister. “The lender provided 9 months from rate lock to funding to allow for completion of construction and stabilization, enabling the borrower to mitigate interest rate risk. The 65 percent LTV, 15/30 loan was priced at 165 bps over the 15-year US Treasury.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.