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The Broadway Benefits from Proximity to Transportation and Naval Base
A $14.1 million refinance was recently arranged for The Broadway, a 62-unit multifamily property in Chula Vista, CA. The loan came through Fannie Mae and NorthMarq’s DUS platform.
The newly constructed property is in an area with vacancy rates in the 2 to 3 percent range. The property benefits from its proximity to regional freeways, mass transit and Naval Base San Diego.
Aaron Beck, senior vice president of NorthMarq’s San Diego office, secured the loan.
“The new non-recourse Fannie Mae loan replaced the construction loan, was structured with full-term interest-only payments and provided a significant return of equity to the borrower,” explains Beck. “In addition, the property qualified for a Fannie Mae-approved green certification. This allowed for a meaningful decrease to the interest rate, which was fixed at sub-3 percent.”
- ◦Financing
