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NorthMarq Delivers $14M in Financing for Chino Apts.
Somerset Apartments, a 116-unit multifamily property in Chino received $13.7 million in refinancing. The permanent-fixed loan was structured with a 10-year interest-only term with an interest rate well below 3%.
NorthMarq’s Joe Giordani, Scott Botsford, and Brendan Golding secured the refinancing for the unnamed borrower via Freddie Mac.
NorthMarq’s Giordani explains, “The client had an approaching loan maturity with a major bank that is a mainstream apartment lender. The bank reached out with a refinance quote that had an interest rate well above what the agencies could offer. The client asked NorthMarq to produce quotes from both Freddie Mac, Fannie Mae, HUD, and the Life Companies. The client quickly realized the rate was 50 basis points lower than the banks refinance option.”
NorthMarq’s Shane Shafer added, “The result is we saved them more than $1 million in debt service compared to other quotes they were considering.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing




