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SAN DIEGO NEWS
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NorthMarq Capital Arranges $74 Mil on Three Multifamily Properties

5/27/14

NorthMarq Capital arranged refinancing deals on three multifamily properties in separate deals totaling more than $74 mil. The transactions, arranged by NorthMarq’s Marty Meagher and Gardiner Champlin, are for properties in San Diego, San Bernardino and Dallas.

The largest deal was a $52 mil financing of Tierrasanta Ridge Apartments, a 356-unit property located at 5410 Repecho Dr, south of Clairemont Mesa Blvd and east of the I-15 in San Diego. The transaction is based on a 10-year term and 30-year amortization schedule and was funded through NorthMarq’s AmeriSphere Fannie Mae DUS platform.

Creekside Village Apts, San Bernardino
Creekside Village Apts, San Bernardino
In the San Bernardino deal, NorthMarq arranged a $16.1 mil refi on Creekside Village Apartments, a 304-unit, affordable housing property located at 495 East Third St, north of I-10 and west of San Bernardino International Airport. The transaction is structured with a 35-year term and 35-year amortization schedule and was also funded through the company’s AmeriSphere FHA platform.

The third deal was a supplemental $6.35 mil loan on Atera Apartments, a Class A, 380-unit apartment property at 4606 Cedar Springs Road in Dallas. The borrower had recently completed interior renovations and upgrades. The financing was structured with a five-year term and 30-year amortization schedule and was funded through NorthMarq’s seller/servicer relationship with Freddie Mac.

“The supplemental loan that matures concurrently with the first mortgage returned some of the borrower’s capital and will provide yield enhancement over the remaining term of the financing,” explained Champlin. “The project, owned by a major institutional investor, is in a desirable close-in submarket that is undergoing significant redevelopment activity.”





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