Although the 10-year Treasury increased 30 basis points from application, a NorthMarq lending team was able to close on a Northern California multifamily portfolio at an interest rate lower than the application. The $36.9 million refinance was recently completed for 13 properties consisting of 299 units located throughout Oakland and Berkeley.
The transaction was structured with a 10-year term with two years of interest-only followed by a 30-year amortization schedule by Zalmi Klyne, VP of NorthMarq’s Los Angeles regional office. NorthMarq arranged the permanent-fixed loan for the borrower through its in-house Fannie Mae team.
The portfolio included four properties located in Berkeley, covering 68 units all built between the 1950s and 1960s. The rest of the nine properties are all located in Oakland, totaling 222 units which were built between the 1920s and 1960s. All locations are conventional market-rate properties.
“We were able to accommodate the borrower’s complicated borrowing structure without requiring a new SPE,” Klyne observed.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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