NorthMarq Capital’s Los Angeles office arranges $15.23 million refinance for Porto Bella Apartments in Norwalk via Fannie Mae’s Green program

Porto Bella Apts

Debt & Equity

Multi-Tenant

LOS ANGELES (June 8, 2017) Mike Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles regional office, negotiated refinancing of $15,230,000 for Porto Bella Apartments, a 104 unit multifamily property located in Norwalk, California. The transaction was structured with a 10-year term with 5 years interest-only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Fannie Mae. The borrower qualified for “Green” financing benefits upon receiving an Energy Star rating for prior energy efficiency upgrades. “Our Fannie Mae execution funded an aggressive cash out Green loan with five years interest only,” said Elmore. “Advanced Real Estate Services will use a portion of the proceeds to fund capital improvements and allocate most of the excess proceeds to new apartments acquisitions.”

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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.