NorthMarq Capital arranged $9.3 million mortgage for New Tahitian Apartments in Goleta, Georgia
New Tahitian Apts
LOS ANGELES (July 15, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged acquisition financing of $9.3 million for New Tahitian Apartments located at 6739 El Colegio Road in Goleta, California. This asset is a 63-unit student housing property near the University of California, Santa Barbara. Financing was based on a 30-year term (fixed for five years) and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank. “This transaction was a purchase-money student housing loan. The buyer was experienced in multifamily but this was its first student housing deal. The seller was very difficult and the lender was willing to work with several issues with no change to loan terms and a quick closing,” Elmore said. “The lender was flexible and quick on this purchase money loan.”
About Northmarq
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.
