Amid COVID Woes, Cumberland Gets Bridge Financing of $32M
Bridge financing of $32.1 million were recently secured for two multifamily property acquisitions located in Portland, OR and Daly City, CA. The two separate transactions were financed for the Bay Area-based sponsor, Cumberland Holdings, through NorthMarq’s correspondent relationship with a national life insurance company.
Both loans include a future funding component to allow the sponsor to complete value-add improvements. The NorthMarq San Francisco financing team consisted of Dennis Williams, Tom Wight, Jackie Goldsmith and Soraya Rios.
“Despite the potential business, timing and logistical challenges posed by the ongoing global pandemic, our correspondent life insurance company stepped up to provide very compelling terms and a smooth execution for our client,” said Wight.
Pacific Place Apartments: NorthMarq arranged acquisition financing of $23 million for Pacific Place Apartments. The 72-unit six-story multifamily property, built in 2010, is located at 2665 Geneva Ave. in Daly City.
Lenox Apartments: NorthMarq arranged acquisition financing of $9.1 million for the Lenox Apartments. The 64-unit multifamily property, built in 2018, is located at 5151 SE Holgate Blvd. in Portland.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.