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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $55 billion and the multi-year tenure of our more than 500 people.