NorthMarq Capital secures $8,584,000 financing via Freddie Mac’s Green Advantage Program for Sedona Apartments in Moreno Valley, California
SAN DIEGO (October 31, 2017) – Eric Flyckt, managing director of NorthMarq Capital’s San Diego office, arranged $8.584 million in financing for Sedona Apartments, an 82-unit multifamily property located in Moreno Valley, California. The financing was used to pay off a bridge loan, which had been obtained from a bank when the property was acquired, and return a considerable amount of equity to the borrower. The loan term is 7-years with interest-only payments during the entire term. An interior and exterior renovation of the property was completed prior to NorthMarq’s funding of the loan. The property benefits from being in close proximity to freeways, retail centers, and employment centers. NorthMarq arranged financing for the borrower as seller/servicer for Freddie Mac under its Green Advantage program.
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