Multifamily - Debt

NorthMarq Capital arranged $28.2 million mortgage for Pinnacle Canyon View Apartments in Orem, Utah

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.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.