NorthMarq's San Diego office finalizes $24.25 million refinance of Poinsettia Mobile Home Park in Poway, California

Poinsettia Mobile Home Park

Debt & Equity

Multi-Tenant

SAN DIEGO (September 25, 2017) – Gardiner Champlin, senior vice president and Marty Meagher, senior vice president of NorthMarq Capital’s San Diego regional office arranged the $24.25 million refinance of Poinsettia Mobile Home Park, a 262-space affordable senior and family mobile home community located at 13648 Edgemoor Street and 13610 Poinsettia Drive in Poway, California. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Fannie Mae platform. The property is comprised of a 124-pad senior section (55+) and a 138-pad family section. Occupancy is restricted to lower income and very low income residents.

“NorthMarq Capital’s Fannie Mae team provided excellent customer service to the borrower, resolving significant challenges associated with regulatory restrictions and repayment of existing tax-exempt bonds for this affordable housing community,” said Champlin. “The financing will support the city’s objective of preserving this affordable housing community in perpetuity for the citizens of Poway, California. The non-profit sponsor Wakeland Housing and Development Corporation is very pleased with the process and results of this refinancing,” said Meagher.

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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.