NorthMarq Capital arranges $41 million refinance for Ridgecrest Apartments in Lake Forest, California
Ridgecrest Apts
LOS ANGELES (May 19, 2014) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office secured the $41 million refinance of Ridgecrest Apartments, a 240-unit multifamily property located at 21486 Lake Forest Drive, Lake Forest, California. The transaction was structured with 7-year term and 30-year amortization schedule following a 2-year interest only period. NorthMarq arranged financing for the borrower through its seller/servicer with Freddie Mac, who agreed to fund a cash-out mortgage on a 1.25 debt coverage ratio with 2-years interest only based on strong sponsorship and an infill Orange County location. “Freddie Mac utilized their new index lock to help the borrower hedge a fully leveraged loan on which proceeds were critical to a maturing loan payoff,” said Elmore. “During the underwriting process, cash flow improved and Freddie Mac upsized the loan.”
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.
