SAN DIEGO, CALIFORNIA (July 16, 2019) – Aaron Beck, vice president of NorthMarq’s San Diego regional office, secured a $14.5 million refinance of a 182-unit apartment property located in Las Vegas, Nevada. NorthMarq arranged the long-term non-recourse financing for the borrower through Fannie Mae’s Green Rewards program. The loan was structured with 7 years of interest-only payments and a fixed interest rate in the mid-three percent range.
“This refinance provided cash out that will be used to expand the existing real estate portfolio,” explained Beck. “The borrower committed to making low-cost improvements at the property that will reduce water and energy consumption according Fannie Mae’s Green Rewards program. As a result, the spread was reduced by more than 40 bps when compared to a non-green execution.”
About NorthMarq
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people. For more information please visit www.northmarq.com.
