NorthMarq Capital arranged $9.3 million mortgage for New Tahitian Apartments in Goleta, Georgia

New Tahitian Apts
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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.”

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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