NorthMarq's Boise office arranges $12 million refinance of multifamily property in Boise, Idaho

Multifamily Property
Debt & Equity
Multi-Tenant
Multifamily
Permanent Loan - Fixed
Bank
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BOISE, IDAHO (April 10, 2018) – Steve Hollister, senior vice president at NorthMarq's Boise 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.”

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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