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Northmarq Arranges Refi on New-Build Chula Vista Multifamily
Northmarq’s San Diego team of managing director Aaron Beck and VPs Wyatt Campbell and Conor Freeman, in partnership with Mikee Anderson-Mitterling of Ballast CRE, secured a $46.5-million refinance for Union Apartments, a 170-unit apartment community in Chula Vista. The loan was arranged for the borrower through Northmarq’s Fannie Mae DUS platform.
“The borrower was able to take advantage of the property’s affordability component and Fannie Mae’s buy-down option in order to lock the interest rate at sub-6%. This lower interest rate allowed for greater loan proceeds and significant interest savings over the term of the loan,” said Beck. “At roughly 60% loan-to-value and a 1.25x debt service cover ratio, the new non-recourse Fannie Mae loan replaced the floating rate construction debt with fixed-rate, full-term interest only payments.”
The newly constructed property is located within a supply-constrained submarket that boasts overall vacancy in the 4% range.
- ◦Financing
