Northmarq’s Los Angeles office secures $64.65M in acquisition financing for seven-property affordable housing portfolio
LOS ANGELES (Feb. 27, 2025) — Managing Director and Senior Vice President Zalmi Klyne of Northmarq’s Los Angeles office arranged financing totaling $64,650,000 million for seven affordable housing properties, totaling 596 units, in the San Fernando Valley. The properties were all naturally occurring affordable housing assets which benefited from a partial property tax exemption.
Northmarq arranged 76% LTC acquisition financing on behalf of the borrower, a private owner based in Moorpark, California, through numerous correspondent relationships with banks. The fixed rate transaction was priced in the high 5% range and structured with interest-only payments.
The portfolio includes:
- 15125 Saticoy St., Van Nuys, California | 51 units | built in 1970
- 9014 Orion Ave., North Hills, California | 77 units | built in 1964
- 8503 Tobias Ave., Panorama City, California | 41 units | built in 1958
- 21205 Saticoy St., Van Nuys, California | 57 units | built in 1963
- 6706 Hayvenhurst Ave., Van Nuys, California | 33 units
- 14732 South Maple Ave., Gardena, California | built in 1978
- 9010 Tobias Ave., Panorama City, California | 201 units | built in 1972
“Through our vast understanding of NOAH tax abatements, we were able to make the lenders comfortable with UW-abated property taxes, allowing us to push the NOI and get over 75% LTV on a fixed-rate execution,” said Klyne.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
