NorthMarq Capital’s San Diego office secures $37.3 million financing through Fannie Mae for new apartment development
New Apartment Development
SAN DIEGO (June 11, 2018) – Aaron Beck, vice president, Eric Flyckt, senior vice president, and Wyatt Campbell, vice president of NorthMarq Capital’s San Diego office, arranged a $37.3 million refinance of a multifamily property located in Elk Grove, California. The financing was arranged for the borrower through NorthMarq’s relationship with Fannie Mae. The newly constructed property benefits from its convenient access to downtown Sacramento and high-ranking schools in the area. “The new non-recourse Fannie Mae loan replaced the construction loan and was structured with full-term interest only payments. Because the property demonstrated strong and consistent absorption from the time leasing began, NorthMarq Capital’s Fannie Mae team was able to lock the interest rate and fund 100 percent of the loan proceeds before stabilization. This streamlined rate lock and funding eliminated interest rate risk to the borrower,” explained Beck. “The borrower received a significant return of equity at a low fixed interest rate.”
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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.
