Multifamily Refi Allows Low Rate Lock-in
Refinancing of $24 million was recently arranged for a multifamily property located in Phoenix. Aaron Beck, senior vice president, and Eric Flyckt, managing director/senior vice president, both of NorthMarq’s San Diego office, negotiated the refinance through NorthMarq’s correspondent relationship with an insurance company lender.
The 357-unit property has proximity to transit and employment centers in the metro. This, along with the property’s desirable unit mix and design, and its amenity package have resulted in the property maintaining a high occupancy and realizing strong rent growth for many years.
“This 15-year fixed-rate loan was structured with full-term interest-only payments, flexible prepayment and an interest rate in the mid-2 percents,” explained Beck. “The loan allowed our client to lock in this extremely low rate four months in advance of closing with only a term sheet and deposit.”