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Six Multifamily Properties Get Financing to Improve Financial Performance
Six multifamily properties comprising 965 units were recently acquired by JB Matteson Inc. The property locations range from Portland, OR to Long Beach.
NorthMarq arranged the $132 million acquisition financing for the sponsor through its long-time correspondent relationship with the life insurance company Allianz. The six permanent loans featured competitive fixed interest rates with interest-only payments for the full 10-year terms.
“These economically attractive long-term loans will materially improve financial performance for our investors,” said Tom Fischer, principal and director of capital markets for JB Matteson. “In the last two years, JB Matteson has refinanced 13 loans with the San Francisco NorthMarq office.”
Dennis Williams and Tom Wight of NorthMarq’s San Francisco office collaborated to arrange the loan.
“Our sponsor obtained the most competitive portfolio-level pricing and terms available, and was able to lock rate months in advance, providing peace of mind during these uncertain times,” said Wight.
- ◦Financing
