NorthMarq’s San Diego office secures a $24.6 million refinance through Fannie Mae

SAN DIEGO, CALIFORNIA (August 17, 2021) – Aaron Beck, senior vice president of NorthMarq’s San Diego office, arranged a $24.6 million refinance for Patio Gardens, a 127-unit multifamily property in Long Beach, California.  The property is located at 4874 E. Los Coyotes Diagonal. The financing was arranged for the borrower through Fannie Mae and NorthMarq’s DUS platform. Despite the pandemic, the property has experienced strong occupancy and collections. This is attributed to the borrower’s diligent property management team, and the asset’s desirable location that provides convenient access to transit and major employers in the area.     

“The loan provided a return of equity to the borrower at a very attractive fixed rate,” said Beck.  The long-term non-recourse loan also allowed the borrower to stagger loan maturities within their portfolio.”