NorthMarq Capital facilitates reduced interest rate for $61,189,000 refinance of three multifamily properties via Fannie Mae’s Green Rewards program

SAN DIEGO (May 1, 2017) – Gardiner Champlin, senior vice president and Marty Meagher, senior vice president of NorthMarq Capital’s San Diego regional office, arranged the $61.189 million refinance of three garden apartment complexes totaling 488 units owned by a local private family office. The properties are located in San Diego, Poway and La Mesa, California. The transaction was structured with a 12-year, interest-only term. NorthMarq arranged financing for the borrowers through Fannie Mae’s Green Rewards program. The program allowed the deal to lock at a spread 39 basis points below a comparable conventional deal. “NorthMarq Capital’s Fannie Mae team provided excellent customer service for this long-term loyal client, assisting with implementing a complex estate planning ownership structure concurrent with loan closing,” explained Champlin. “The financing took advantage of a reduced interest rate incentive under Fannie Mae’s Green Rewards program based on the sponsor’s commitment to make property improvements to reduce energy usage at the properties. The sponsor achieved significant cash-out even at the Tier 4 financing level, while reducing monthly loan payments due to a significant drop in interest rate from the prior loans paid off with this refinance.”