Northmarq secures $18 million refinance of 204-unit multifamily property
NEWPORT BEACH, Calif. (Mar. 6, 2024) — Northmarq’s Newport Beach Debt + Equity team of Managing Director Joe Giordani, Vice President Brendan Golding, Senior Vice President Scott Botsford and Investment Analyst Alvin Cao has arranged the $17,961,000 refinance of Stone Ridge Apartments. Located at 3396 Sunriver Rd. in Bullhead City, Arizona, the multifamily property was built in 1990 and features 204 units.
Northmarq arranged the permanent fixed rate loan on behalf of the borrower, Clipper Capital Group, through Northmarq’s Freddie Mac Optigo lending platform. The transaction was structured on a 10-year term with five years interest-only. The 10-year fixed interest rate is in the mid 5%s.
Northmarq helped the sponsor obtain a high-leverage acquisition bridge loan on the property two years ago through a non-recourse debt fund. The team sized and tracked the refinance over the past 12 months to ensure best execution. The sponsor outperformed their pro-forma, and together, the refinance was timed perfectly.
“We were able to refinance the borrower out of a high leverage bridge loan before their cap expired and index lock before the treasury ran up 40 basis points,” said Giordani.
Stone Ridge Apartments is situated in a beautiful Bullhead City neighborhood, minutes from the Colorado River, shopping, dining, and Laughlin, Nevada. Residents enjoy many community amenities including two sparkling pools and spas, fitness center, playground, basketball and volleyball courts and two on-site laundry care centers. The pet-friendly community offers studio, one- and two-bedroom floor plans with options for in-unit washer/dryer, fireplace and private balcony.
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