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The San Diego office of NorthMarq Capital has secured $30M in refinancing for Northwood Apartments in Upland, CA. The 324-unit complex is at 1662 West Arrow Hwy. Financed through the Fannie Mae DUS program, the loan was structured for a 10-year term with a 30-year amortization.
“Our Fannie Mae team delivered a smooth refinance of this workforce housing apartment project for a preferred repeat-client relationship,” says NorthMarq Capital SVP Gardiner Champlin, who arranged the loan along with SVP Marty Meagher.
The financing was low leverage for the long-term hold borrower, Gardiner says. He says this allowed a simple early rate lock, and the waiver of funded replacement reserves and tax and insurance impounds.
With 36 offices nationwide, NorthMarq Capital is one of the largest privately held financial intermediaries in the US and provides debt, equity and commercial loan servicing. The company has a long track record for multifamily loan origination through both the Freddie Mac Program Plus and Fannie Mae DUS.
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