Northmarq arranges $56.1M in permanent financing for 354-unit multifamily community in East County San Diego
Photo source: Wintercrest Village website
LAKESIDE, Calif. — Northmarq’s San Diego Debt + Equity team led by Aaron Beck, Conor Freeman and Robbie Driscoll secured a $56.1 million refinance for Wintercrest Village Apartments, a 354-unit garden-style multifamily community located at 12002 Wintercrest Dr. in Lakeside, California.
Northmarq arranged the fixed-rate financing on behalf of the borrower through the firm’s Fannie Mae DUS platform. The permanent loan is structured as a 10-year term, with full-term interest-only payments.
"Wintercrest Village is a high-quality workforce housing asset that benefits from local ownership who has demonstrated expertise in operating a property of this size and vintage," Beck said. "With this Fannie Mae refinance, we were able to unlock trapped equity for the borrower and preserve cash flow while keeping the loan truly non-recourse with no carve-out guarantees. In addition, all operating escrows were waived by the lender.”
The garden-style community features one- and two-bedroom floor plans in a quiet setting with common area amenities such as two swimming pools and spas, outdoor courtyard areas, fitness rooms and multiple laundry facilities. Unit amenities include central air conditioning, vinyl plank flooring and stainless-steel appliances.
Located in East County San Diego within the community of Lakeside, Wintercrest Village Apartments offer residents convenient access to major transportation corridors, employment centers, essential retail destinations and recreational amenities throughout the region. Lakeside benefits from its balance of residential neighborhoods and semi-rural atmosphere, strong regional connectivity, a diverse employment base and sustained renter demand with its relative affordability when compared to coastal areas — all of this supports the ongoing operational success of Wintercrest Village Apartments.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
