Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office secures $37.3 million financing through Fannie Mae for 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.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.