SAN FRANCISCO (February 7, 2013) – Dennis Williams, SVP/managing director of NorthMarq’s San Francisco-based regional office, and Robert Hervey, EVP/senior managing director of NorthMarq’s Los Angeles-based regional office, cooperated to arrange acquisition financing of $21.7 million for Tustin Cottages, a 93-unit market-rate multifamily property located at 1361 El Camino Real in Tustin, California. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, The Matteson Companies, through its relationship with a correspondent life company lender.
“We negotiated a split funding loan to finance the acquisition of the subject property,” said Williams. The lender provided a market leading rate and was able to accommodate a quick closing with a smooth execution.”