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NorthMarq Delivers $52M in Financing for Ventura MF
San Mateo-based JB Matteson, Inc. received $51.5 million in permanent debt to refinance Vanoni Ranch Apartments, a 316-unit garden-style apartment and townhome community located in Ventura. The 10-year term is structured with interest-only debt service payments for the full term.
NorthMarq’s Dennis Williams and Tom Wight arranged the non-recourse financing through a correspondent life insurance company on behalf of the sponsor. The timing of the transaction took place during the coronavirus pandemic. The loan was quoted prior to the shelter-in-place order and the borrower was able to secure a 2.75% fixed interest rate through a five-month forward rate lock.
The apartment community features side-by-side washer/dryers, nine-foot ceilings, NEST thermostats, roman bathtubs, and spacious walk-in closets. Amenities compete with the top of the market and offer residents 24-hour access to a fitness center, yoga room, barbeque and picnic area, pool and spa, business center, and lounge.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing




