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Northmarq Secures $26M Refi of Apartment Complex in Portland
Northmarq has secured the $26.4 million refinancing of the 212-unit 735 St. Clair apartment community in Portland, Oregon.
The firm’s Newport Beach Debt + Equity team, including Joe Giordani, Scott Botsford, Brendan Golding, Alvin Cao and Stuart Oswald from the Seattle Debt + Equity team, arranged the refinancing. As a direct Freddie Mac lender, Northmarq secured the permanent fixed-rate refinance loan for the borrower, Fairfield.
The transaction is a 5-year fixed term with 3 years interest-only and a 35-year amortization schedule to maximize proceeds. The prepayment penalty was structured as yield maintenance for the first three years and 1% for the last two years. “Fairfield’s timing couldn’t have been better when the index locked at a low point of the 5-Year Treasury during the process,” said Giordani.
The 24-story apartment community is located in the Goose Hollow neighborhood in southwest Portland and features studio, one- and two-bedroom apartments ranging from 650 to over 1,000 square feet.
