IE MultiFam Portfolio Secures $27M Refinance
The Northmarq San Diego regional office has arranged the $27 million refinance of three Inland Empire multifamily properties consisting of 286 total units. The transaction, put together by Northmarq vice presidents Conor Freeman and Wyatt Campbell, was structured with a 10-year term and 10 years of interest-only payments. The financing was secured through the firm’s in-house Fannie Mae platform.
The properties include:
- Grand Oaks Apartments: Lake Elsinore, CA. 151 units
- Sierra Vista Apartments: Lake Elsinore, CA. 81 units
- Palos Verde Townhomes: Moreno Valley, CA. 54 units
“Through Fannie Mae’s Streamline Rate Lock option, our team locked rate within 48 hours of application and mitigated recent interest rate volatility,” explained Freeman in a news release. “The borrowers acquired these properties over 20 years ago and had a considerable amount of trapped equity. The permanent refinance provided significant cash out, allowing them to grow their portfolio.”
Pictured: Grand Oaks Apartments
- ◦Financing