NorthMarq Capital’s San Diego office secures $16.294 million take-out financing through Fannie Mae for new apartment development

SAN DIEGO (May 2, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged a $16.294 million refinance of a newly developed multifamily property located in Lemon Grove, California. The financing was arranged for the borrower through NorthMarq’s relationship with Fannie Mae. The newly completed apartment project is located in a market with very high demand for apartments, and benefits from its close proximity to downtown San Diego, San Diego State University, Naval Base San Diego and other major employment centers including Mission Valley. “This loan replaced the existing construction loan. NorthMarq Capital’s Fannie Mae team provided strong customer service and a smooth closing, assisting with locking the rate at the time stabilized occupancy was achieved and closing the loan just a few days thereafter. This provided a return of the borrower’s equity much sooner than if a traditional loan product was used for the refinance. From start to finish, the loan was closed in 45 days,” explained Beck. “The financing took advantage of a reduced interest rate incentive from Fannie Mae due to the property’s LEED certification. The borrower achieved significant cash out with a low fixed interest rate.”