Northmarq arranges $95.8M refinancing for E&S Ring’s 1,461-unit Southern California multifamily portfolio
Photo above: Casa Granada (Source: E&S Ring Management Corp.)
SAN FRANCISCO, Calif. — Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Southern California. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by Nathan Prouty, managing director, and Andrew Slaton, senior vice president, with John Holt, senior investment analyst.
The transaction refinances existing debt across the portfolio, including four loans originally placed with Voya in 2007. Structured as six separate, non-cross-collateralized loans, the financing combines fixed- and floating-rate structures, interest-only payments and flexible prepayment provisions. The transaction addressed upcoming maturities while preserving flexibility for E&S Ring across the portfolio.
“E&S Ring is a multigenerational, family-owned real estate company that originally developed many of the communities in this portfolio,” Slaton said. “They’ve continued to own, manage and reinvest in these properties over the years, and that long-term commitment really shows in the quality of the assets. It’s a level of pride in ownership that Voya recognized and appreciated.”
“Our focus was on addressing the upcoming maturities while preserving flexibility for E&S Ring,” Prouty said. “As a longstanding correspondent for Voya, we knew their platform would be a strong fit for what ownership was trying to accomplish. Their familiarity with the portfolio, flexibility on structure and certainty of execution made them a great partner for this transaction.”
The transaction continues a relationship between Northmarq and E&S Ring spanning more than 30 years.
Northmarq will also service the six loans, continuing its involvement with the portfolio beyond closing. The firm’s loan servicing platform carries S&P Global Ratings’ highest primary servicer ranking of “Strong” and oversees an $80 billion portfolio comprising more than 7,000 loans for approximately 90 lenders.
The Portfolio
Property | Location | Units |
Casa Granada | Brentwood | 168 |
Meadows South | Culver City | 117 |
Mountain Vista | Victorville | 400 |
Rancho Los Feliz | Los Feliz | 317 |
Sunset Barrington Gardens | Brentwood | 183 |
Villa Vicente | Mid-Wilshire | 276 |
Total |
| 1,461 |
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
