NorthMarq's Newport Beach office completes $9.4 million cash-out refinance of Park Terrace Apartments in Lancaster, California
Park Terrace Apts
David Blum, SVP/Managing Director and Brendan Golding, Vice President of NorthMarq's Newport Beach office locked and closed the cash-out refinance of Park Terrace Apartments in 45 days. The subject property, constructed in 1985, is located in Lancaster, California. NorthMarq arranged the permanent-fixed loan for the borrower through Freddie Mac’s Optigo lending program.
Financing Details:
- 2.86% All-in Rate
- Cash-Out Refinance
- 45 Day Close
- 3 Years IO | 1.45x DSCR
- 65% LTV
- 10/9.5/30
- 96 Units
- Freddie Mac
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About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
