Northmarq’s San Diego office secures $27,060,000 refinance for multifamily portfolio in the Inland Empire
SAN DIEGO, CALIFORNIA (August 10, 2022) – Conor Freeman, vice president, and Wyatt Campbell, vice president of Northmarq’s San Diego regional office arranged the $27,060,000 refinance of three multifamily properties, consisting of 286 total units, in Moreno Valley and Lake Elsinore, California. The transaction was structured with a 10-year term and 10 years of interest-only payments. Northmarq secured financing through its in-house Fannie Mae platform and utilized the Streamline Rate Lock (SRL) feature.
“Through Fannie Mae’s SRL option, our team locked rate within 48 hours of application and mitigated recent interest rate volatility,” explained Freeman. “The borrowers acquired these properties over 20 years ago and had a considerable amount of trapped equity. The permanent refinance provided significant cash out, allowing them to grow their portfolio.”
The properties include:
• Grand Oaks Apartments: Lake Elsinore, California; 151 units; Built in 1986
• Sierra Vista Apartments: Lake Elsinore, California; 81 units; Built in 1987
• Palos Verde Townhomes: Moreno Valley, California; 54 Units; Built in 1990
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
