SAN DIEGO, CALIFORNIA – Conor Freeman, vice president, and Wyatt Campbell, vice president of Northmarq’s San Diego regional office arranged the $27,060,000 refinance of three multifamily properties, consisting of 286 total units, in Moreno Valley and Lake Elsinore, California. The transaction was structured with a 10-year term and 10 years of interest-only payments. Northmarq secured financing through its in-house Fannie Mae platform and utilized the Streamline Rate Lock (SRL) feature.
“Through Fannie Mae’s SRL option, our team locked rate within 48 hours of application and mitigated recent interest rate volatility,” explained Freeman. “The borrowers acquired these properties over 20 years ago and had a considerable amount of trapped equity. The permanent refinance provided significant cash out, allowing them to grow their portfolio.”
The properties include:
- Grand Oaks Apartments: Lake Elsinore, California; 151 units; Built in 1986
- Sierra Vista Apartments: Lake Elsinore, California; 81 units; Built in 1987
- Palos Verde Townhomes: Moreno Valley, California; 54 Units; Built in 1990
As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $33 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.