NorthMarq arranged the $6.05 million refinance of an apartment complex in Twin Falls, Idaho

BOISE, IDAHO (July 31, 2020) – Steve Hollister, senior vice president of NorthMarq’s Boise and San Diego regional offices, arranged the $6.05 million refinance of an apartment complex located in Twin Falls, ID through its in-house Fannie Mae platform. NorthMarq/Fannie Mae won this business by providing an exceptional interest rate for a full-term interest-only loan with a waiver of a debt service reserve, replacement reserves, taxes and insurance escrows. The 10-year permanent fixed loan was also fully non-recourse to the borrower with no carve-out guarantees to the key principals. 

“NorthMarq’s Fannie Mae team provided a flawless execution and their rate was significantly better than the competition for a full-term interest-only loan,” said Hollister. NorthMarq arranged the financing as a direct DUS lender for Fannie Mae.

The property is a 112-unit complex consisting of one, two and three-bedroom units situated in fourteen 8-plex buildings. On-site amenities include a clubhouse with exercise facility and lounge, tot lot, fenced pet area, swimming pool, BBQ areas with gazebos, carports and 20 garages. The property was completely upgraded over the past two years including exterior painting, new parking lot areas and upgraded landscaping.