Multifamily - Debt


NorthMarq's Newport Beach office completes $9.4 million cash-out refinance of Park Terrace Apartments in Lancaster, California

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

 

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 more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.