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NorthMarq Arranges Take-Out Financing for New MF Development
NorthMarq Capital arranged a $16.29 million refinance of a newly developed multifamily property located in Lemon Grove, CA. The financing was arranged for an undisclosed borrower through NorthMarq’s relationship with Fannie Mae. NorthMarq Capital’s Aaron Beck handled the transaction.
“This loan replaced the existing construction loan,” said NorthMarq’s Beck, who notes they assisted with locking the rate at the time stabilized occupancy was achieved, and closing the loan just a few days thereafter. “This provided a return of the borrower’s equity much sooner than if a traditional loan product was used for the refinance.”
Beck added, “The financing took advantage of a reduced interest rate incentive from Fannie Mae, due to the property’s LEED certification. The borrower achieved significant cash-out with a low fixed interest rate.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing


