NorthMarq Capital’s Los Angeles office arranges $15.23 million refinance for Porto Bella Apartments in Norwalk via Fannie Mae’s Green program
LOS ANGELES (June 8, 2017) Mike Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles regional office, negotiated refinancing of $15,230,000 for Porto Bella Apartments, a 104 unit multifamily property located in Norwalk, California. The transaction was structured with a 10-year term with 5 years interest-only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Fannie Mae. The borrower qualified for “Green” financing benefits upon receiving an Energy Star rating for prior energy efficiency upgrades. “Our Fannie Mae execution funded an aggressive cash out Green loan with five years interest only,” said Elmore. “Advanced Real Estate Services will use a portion of the proceeds to fund capital improvements and allocate most of the excess proceeds to new apartments acquisitions.”
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 more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
