July 29, 2020
NorthMarq completed the $31,054,000 refinancing of a portfolio of three multifamily properties located in Las Vegas, Nevada and Lakeside, near San Diego. The portfolio contains a combined 924 units.
The transaction was structured with 10-year interest-only terms. NorthMarq’s Gardiner Champlin and Marty Meagher arranged the permanent-fixed loans for the sponsor, an unnamed San Diego based client, through its in-house Fannie Mae team.
Champlin says, “The NorthMarq Fannie Mae team successfully closed the refinance of three maturing loans during the early stages of the COVID 19 pandemic, delivering exceptionally low 10-year fixed interest rates. Property net cash flow was materially improved with these refinancing’s, the process and closings were essentially stress-free, and our client is very pleased with the outcome.”
The properties include:
– Stoneridge Apartments: 12840 Mapleview St. in Lakeside, 132 units constructed in 1986 (pictured),
– Silverado Village: 3750 Arville St. in Las Vegas, 440 units constructed in 1981
– Summerlin Entrada: 1701 Rock Springs Dr. in Las Vegas, 352 units constructed in 1987
For comments, questions or concerns, please contact Dennis Kaiser
Tags: Apartments & Multifamily, Financing
NorthMarq Arranges $31M Fannie Mae Refi for Trio of MFs