Dennis Williams of NorthMarq Capital’s San Francisco office negotiates $7.5 million refinance of Somerset Apartments in Albuquerque, New Mexico
Somerset Apts
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.
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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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
