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.”