SAN DIEGO, CALIFORNIA (September 17, 2021) – Aaron Beck, senior vice president of NorthMarq’s San Diego office, secured a $14.1 million refinance for The Broadway, a 62-unit multifamily property in Chula Vista, California. The financing was arranged for the borrower through Fannie Mae and NorthMarq’s DUS platform. The newly constructed property is well located in an area with very strong apartment demand as evidenced by the overall submarket vacancy rate in the two-to-three percent range. The property benefits from its proximity to regional freeways, mass transit and Naval Base San Diego.
“The new non-recourse Fannie Mae loan replaced the construction loan, was structured with full-term interest only payments, and provided a significant return of equity to the borrower,” explained Beck. “In addition, the property qualified for a Fannie Mae-approved “green” certification. This allowed for a meaningful decrease to the interest rate, which was fixed at sub-three percent.”