NorthMarq Capital arranges $41 million refinance for Ridgecrest Apartments in Lake Forest, California
Ridgecrest Apts
LOS ANGELES (May 19, 2014) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office secured the $41 million refinance of Ridgecrest Apartments, a 240-unit multifamily property located at 21486 Lake Forest Drive, Lake Forest, California. The transaction was structured with 7-year term and 30-year amortization schedule following a 2-year interest only period. NorthMarq arranged financing for the borrower through its seller/servicer with Freddie Mac, who agreed to fund a cash-out mortgage on a 1.25 debt coverage ratio with 2-years interest only based on strong sponsorship and an infill Orange County location. “Freddie Mac utilized their new index lock to help the borrower hedge a fully leveraged loan on which proceeds were critical to a maturing loan payoff,” said Elmore. “During the underwriting process, cash flow improved and Freddie Mac upsized the loan.”
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.
