SAN DIEGO (August 1, 2018) – Conor Freeman, vice president and Aaron Beck, vice president, of NorthMarq Capital’s San Diego office, arranged the $23.71 million refinance for the Castle Creek Apartments, a 330-unit multifamily property located in Yakima, Washington. The transaction was structured with a 20-year term and a 30-year amortization schedule. Freeman and Beck arranged the financing through NorthMarq’s Fannie Mae DUS program.
“The borrower elected to pay prepayment penalties and refinance out of their existing Fannie Mae loan well before maturity in order to lock in today’s low interest rates, while also receiving significant cash out,” said Freeman. “Fannie Mae’s Streamlined Early Rate Lock program (SRL) allowed the borrower to manage interest rate volatility by locking the index and spread two weeks after application.”
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks and has a long track record of multi-family loan origination through Freddie Mac Program Plus™, the Fannie Mae DUS program and through FHA, resulting in more than $13 billion in annual production volume and a loan portfolio of more than $45 billion. For more information please visit www.northmarq.com.