Multifamily - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office closes $30 million refinance of Northwood Apartments in Upland, California

SAN DIEGO (July 6, 2016) – Marty Meagher, senior vice president and Gardiner Champlin, senior vice president of NorthMarq Capital’s San Diego-based regional office, arranged the $30 million refinance of Northwood Apartments, a 324-unit multifamily property located at 1662 West Arrow Highway in Upland, California. The transaction was structured with a 10-year term and 30-year amortization. NorthMarq arranged financing for the borrower through its Fannie Mae DUS program.

“Our Fannie Mae team delivered a smooth refinance of this workforce housing apartment project for a preferred repeat-client relationship,” said Champlin. “The requested financing was low leverage for the long term hold borrower, affording a simple early rate lock and allowing for the waiver of funded replacement reserves and tax and insurance impounds. Our Fannie Mae team delivered excellent attentive service to our clients throughout the origination, underwriting and closing process.”

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.