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.