Multifamily - Debt, Sale

NorthMarq’s Newport Beach office arranges financing for $13.7 million refinance of Somerset Apartments in Chino, California

NEWPORT BEACH, CALIFORNIA (December 21, 2020) – The NorthMarq Newport Beach debt/equity team of Joe Giordani, managing director, Scott Botsford, vice president and Brendan Golding, vice president secured refinancing of $13.7 million for Somerset Apartments for the borrower via Freddie Mac. The 116-unit multifamily property is located in Chino Hills, California. The permanent-fixed loan was structured with a 10-year interest-only term with an interest rate well below 3 percent. 

“The client had an approaching loan maturity with a major bank that is a mainstream apartment lender. The bank reached out with a refinance quote that had an interest rate well above what the agencies could offer. The client asked NorthMarq to produce quotes from both Freddie Mac, Fannie Mae, HUD, and the Life Companies. The client quickly realized the rate was 50 basis points lower than the banks refinance option,” said Giordani. 

This was a great collaboration between NorthMarq Investment Sales NorthMarq and Debt/Equity to ensure the client got the best deal available in the market.

“The client asked about refinance advice so I immediately connected them with our debt/equity team who quickly turned around a vetted refinance loan quote they could act on. The result is we saved them more than $1 million in debt service compared to other quotes they were considering,” said Shane Shafer, managing director – investment sales in NorthMarq’s Newport Beach office.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.