SAN FRANCISCO, CALIFORNIA (September 3, 2021) – NorthMarq’s San Francisco office recently completed bridge financing of $32.1 million for two multifamily property acquisitions located in Portland, Oregon and Daly City, California. The two separate transactions were financed for the Bay Area based Sponsor, Cumberland Holdings, through NorthMarq’s correspondent relationship with a national life insurance company. Both loans include a future funding component to allow the Sponsor to complete value-add improvements. The NorthMarq financing team consisted of Managing Director Dennis Williams, Vice President Tom Wight, Analyst Jackie Goldsmith and Closer Soraya Rios.
“Despite the potential business, timing, and logistical challenges posed by the ongoing global pandemic, our correspondent life insurance company stepped up to provide very compelling terms and a smooth execution for our client,” said Wight.
Pacific Place Apartments: NorthMarq arranged acquisition financing of $23 million for Pacific Place Apartments. The 72-unit/6-story multifamily property, built in 2010, is located at 2665 Geneva Avenue in Daly City, California. The floating rate bridge loan was structured with a 5-year interest-only term and includes a $3M holdback to allow the Sponsor to complete a retail conversion that will add seven residential units.
Lenox Apartments: NorthMarq arranged acquisition financing of $9.1 million for the Lenox Apartments. The 64-unit multifamily property, built in 2018, is located at 5151 SE Holgate Boulevard in Portland, Oregon. The floating rate bridge loan was structured with a 5-year interest-only term and structured with a hold back to enable the Sponsor’s value-add strategy. The Sponsor plans to repurpose 2,600 sq. ft. of retail space into four additional live/work apartments units.