Northmarq’s San Diego office announces $9.58 million refinance of Arabella Apartments
SAN DIEGO (July 9, 2024) — Aaron Beck, managing director of Northmarq’s San Diego office, collaborated with David Blum, managing director of the Newport Beach office, to secure the refinance of a 120-unit multifamily community in Henderson, Nev. Arabella Apartments was built in 1989 and is located at 4375 E. Sunset Road.
Northmarq arranged the $9.58 million loan on behalf of the borrower through its correspondent relationship with Freddie Mac. The permanent fixed-rate loan was structured on a five-year term with full-term interest-only payments and a flexible prepayment structure. The transaction includes a 2% buydown resulting in a 38 bps savings in the interest rate.
“This was an outstanding execution by all parties involved,” said Beck. “Despite the volatile debt markets, we were able to negotiate a short-term loan solution for the borrower at a very compelling interest rate that allows the loan to be paid off in the future with little cost.”
Arabella Apartments is situated in the quiet neighborhood of Green Valley North, offering modern convenience and spacious one- and two-bedroom apartment homes, and just 10 miles from the Las Vegas Strip. The multifamily community is just steps away from grocery stores, shopping and entertainment, including Trader Joe’s, Galaxy Theatres and Green Valley Plaza & Shops. In addition to the property’s ideal location near Sunset Road, the pet-friendly community boasts a variety of community amenities: swimming pool, spa/hot tub, fire pit, covered parking, newly renovated clubhouse and more.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
