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Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton Aand senior investment anaylst John Holt.
The transaction refinances existing debt across the portfolio, including four loans originally placed with Voya in 2007. Structured as six separate, non-cross-collateralized loans, the financing combines fixed- and floating-rate structures, interest-only payments and flexible prepayment provisions.
“E&S Ring is a multigenerational, family-owned real estate company that originally developed many of the communities in this portfolio,” Slaton said. “They’ve continued to own, manage and reinvest in these properties over the years, and that long-term commitment really shows in the quality of the assets. It’s a level of pride in ownership that Voya recognized and appreciated.”
- ◦Financing
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