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7/29/20
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NorthMarq has arranged $31.05 mil in Fannie Mae refinanings on a portfolio of three multifamily properties located in Las Vegas, NV and Lakeside (San Diego), CA.
NorthMarq’s Gardiner Champlin and Marty Meagher arranged the permanent, fixed-rate loans, which were structured with 10-year, interest-only terms. The borrower is based in San Diego. According to Champlin, the property net cash flows were materially improved with these refinancings.
Silverado Village, Las Vegas |
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The portfolio contains a combined 924 units and consists of the following assets:
• Silverado Village (3750 Arville St, Las Vegas): 440 units constructed in 1981, located less than 1.5 miles west of the Las Vegas “Strip” between Charleston Blvd and West Tropicana Ave. The two-story, garden-style property features a clubhouse, two pools, an indoor spa, two dry saunas, three tennis courts and six laundry facilities.
• Summerlin Entrada (1701 Rock Springs Drive, Las Vegas): 352 units constructed in 1987, located approximately 7 miles northwest of the Las Vegas Central Business District and 9 miles northwest of the Las Vegas “Strip.” The two-story, garden-style property features a gated entrance, clubhouse, two pools, spa, tennis court, basketball courts, fitness center, business center, tot lot, and three laundry facilities.
• Stoneridge Apartments (12840 Mapleview Street, Lakeside): 132 units constructed in 1986, located approximately 21 miles (25 minutes via freeways) northeast of Downtown San Diego. The property has convenient access to Highway 67 to the north and Interstate 8 to the south, affording access throughout the San Diego region. The two story garden style property features tuck-under private garages, pool, and five laundry facilities.
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