NorthMarq Capital’s San Diego office arranges $25 million refinance of Wintercrest Village Apartments in Lakeside, California
Wintercrest Village Apts
SAN DIEGO (August 13, 2015) – Marty Meagher, senior vice president and Gardiner Champlin, senior vice president of NorthMarq Capital’s San Diego based regional office negotiated the $25 million refinance of Wintercrest Village Apartments, a 354-unit multifamily property located 12002 Wintercrest Drive in Lakeside, California. The transaction was structured with a fully amortizing 25-year term. NorthMarq arranged the low leverage, fixed-rate long-term transaction for the borrower through its correspondent relationship with a life insurance company. “NorthMarq was able to achieve material cash-out for the borrower while maintaining approximately the same monthly payment amount due to today’s lower market interest rates,” said Champlin. “The family-owned borrower and long-term holder eliminated interest rate risk with the fixed rate and eliminated refinance risk via the fully amortizing structure of the refinance.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
