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.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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