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9/27/21
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The Broadway, a 62-unit multifamily property in Chula Vista, was refinanced with a new loan for $14.1 mil. Aaron Beck with NorthMarq arranged the loan through Fannie Mae and NorthMarq’s DUS platform.
The newly constructed property is well located in an area with very strong apartment demand as evidenced by the overall submarket vacancy rate in the two-to-three percent range. The property benefits from its proximity to regional freeways, mass transit and Naval Base San Diego.
“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,” explained 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-three percent.”
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