LOS ANGELES (May 2, 2013) – Mark Grace, vice president of NorthMarq’s Los Angeles regional office, arranged acquisition financing of $28.2 million for Pinnacle Canyon View Apartments, a 288-unit, market-rate multifamily property located at 1401 S. Sandhill Road in Orem, Utah. Financing was based on a 15-year term with 3 years of interest only and then a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender. “The borrower sought maximum interest-only and long-term financing for the purchase of a stabilized multifamily asset,” said Grace. “NorthMarq was able to deliver Fannie Mae terms that accommodated the borrower’s request for longer term financing with a low rate and maximum loan proceeds. We were able to deliver considerably higher proceeds as well as a longer fixed rate term and more years of interest only than other capital providers.”
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