SAN FRANCISCO, CALIFORNIA (August, 21 2020) – A NorthMarq team led by managing director Dennis Williams and vice president Tom Wight has arranged $51.5 million in permanent debt to refinance Vanoni Ranch Apartments, a garden-style apartment and townhome community located in Ventura, California. Analysts Jackie Goldsmith and Soraya Rios assisted as key members of the transaction team.
NorthMarq arranged the non-recourse financing through a correspondent life insurance company on behalf of the Sponsor, JB Matteson, Inc. of San Mateo, California. The 10-year term is structured with interest-only debt service payments for the full term.
Of note is the timing of the transaction which occurred during the coronavirus pandemic. The loan was quoted prior to the shelter-in-place order and the borrower was able to secure a 2.75 percent fixed interest rate through a 5-month forward rate lock.
“Despite the unprecedented challenges that the pandemic has caused for everyone, we are pleased that the lender remained steadfast in its execution and closed the loan exactly as quoted for our client,” said Wight.
The apartment community comprises 316 units with luxury features such as side-by-side washer/dryers, nine-foot ceilings, NEST thermostats, roman bathtubs, and spacious walk-in closets. The community amenities compete with the top of the market and offer residents 24-hour access to a fitness center, yoga room, barbeque and picnic area, pool and spa. business center, and lounge.