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
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
