Northmarq Arranges $13M Refinance of Multifamily Property in Salem
May’s Landing Apartments, a 96-unit, garden-style multifamily complex in Salem, OR has been refinanced by the San Diego, CA office of Northmarq. The transaction, arranged by Northmarq’s Conor Freeman, was structured with a 10-year term and 10 years of interest-only payments. The firm secured financing for the borrower though its in-house Fannie Mae platform.
The relatively new property was constructed by Salem-based Rushing Group. “May’s Landing qualified for a Green Globes certificate which enabled Fannie Mae to offer a meaningful reduction in spread. The permanent refinance allowed the Rushing Group to take out their interim bridge debt utilized during the property’s lease-up and return equity for their next multifamily devlopment,” commented Freeman in a news release.
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.