Multifamily
Debt & Equity

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 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.

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New Apartment Development
Debt
$37,300,000