NorthMarq Capital arranged $28.2 million mortgage for Pinnacle Canyon View Apartments in Orem, Utah
Pinnacle Canyon View Apts
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
