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.”