Northmarq Arranges $33M in Financing for Sacramento Apartments
Commercial real estate debt and equity provider Northmarq, has arranged $33 million in permanent debt to refinance Granite Point Apartments, a 384-unit multifamily property in Sacramento, CA. The community consists of one-, two- and three-bedroom units with contemporary cabinetry, walk-in closets, washer/dryers and patios or balconies.
The Northmarq team of Managing Director Dennis Williams, Vice President Tom Wight and analysts Jackie Goldsmith and Soraya Rios out of the San Francisco office worked exclusively on behalf of the sponsor JB Matteson. Northmarq is the servicer and will remain involved over the life of the 10-year, full-term, interest only financing through a correspondent life insurance company.
“Our company applauds Northmarq and the lender for their professionalism and timely performance,” said Tom Fischer, Principal and Director of Capital Markets for JB Matteson. “This economically attractive, long-term loan will materially improve financial performance for our investors.”
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.