Multifamily - Debt

Dennis Williams of NorthMarq Capital’s San Francisco office negotiates $7.5 million refinance of Somerset Apartments in Albuquerque, New Mexico

SAN FRANCISCO (November 16, 2015) – Dennis Williams, senior vice president/managing director of NorthMarq Capital’s San Francisco office finalized the $7.5 million refinance of Somerset Apartments, a 224-unit multifamily property located at 1101, 1201 and 1205 Madeira Drive SE in Albuquerque, New Mexico. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.

“By refinancing their existing loan, the borrower was able to reduce the interest rate on their debt by more than 100 basis points and fund planned capital improvements,” said Williams.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.