NorthMarq Capital arranges refinancing totaling $74 million for three apartment properties

Three Multifamily Properties
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SAN DIEGO (May 19, 2014) – Marty Meagher and Gardiner Champlin, senior vice presidents/managing directors of NorthMarq Capital’s San Diego based regional office, serviced refinances of three multifamily properties totaling more than $74 million. Tierrasanta Ridge Apartments: Located at 5410 Repecho Drive in San Diego, this multifamily property consists of 356 units and was refinanced at $52 million. The transaction is based on a 10-year term and 30-year amortization schedule and was arranged by NorthMarq for the borrower through its AmeriSphere Fannie Mae DUS platform. “AmeriSphere and Fannie Mae coordinated closely to win this highly desirable business for a major private investor,” said Meagher. “All key waivers and approvals were secured very efficiently, resulting in a rate lock 12 days after application. Closing occurred on the borrower’s desired schedule (57 days after application) and the lender provided exceptional service for this important borrower.” Creekside Village Apartments: Located at 495 East Third Street, San Bernardino, Calif., this affordable housing property consists of 304 units and was refinanced at $16.1 million. The transaction is structured with a 35-year term and 35-year amortization schedule and was arranged for the borrower by NorthMarq through its AmeriSphere FHA platform. Champlin credited the borrower’s successful refinancing for the affordable housing project to a patient and very professional borrower with ample lead time available for the HUD approval process. “The borrower’s staff did a great job of managing a complex tax exempt bond defeasance, as well as achieving the extension of the project’s regulatory agreement with county officials,” he said. “The end result was favorable long-term fixed rate financing that will facilitate the continued operation of this affordable housing project for the next several decades.” Atera Apartments: NorthMarq provided supplemental financing of $6.35 million for this Class A apartment project located at 4606 Cedar Springs Road in Dallas, Texas after the borrower completed interior renovations and upgrades. Financing for the 380 unit multifamily property was structured with a 5-year term and 30-year amortization schedule and was arranged by Northmarq for the borrower through its seller/servicer relationship with Freddie Mac. “The supplemental loan that matures concurrently with the first mortgage returned some of the borrower’s capital and will provide yield enhancement over the remaining term of the financing,” explained Champlin. “The project, owned by a major institutional investor, is in a desirable close-in submarket that is undergoing significant redevelopment activity.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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