NorthMarq Capital finalizes $114.125 million in financing via Freddie Mac for Canyon Country, California multifamily properties
LOS ANGELES (October 24, 2018)– Ory Schwartz, senior vice president/managing director of NorthMarq Capital’s Los Angeles regional office, secured financing totaling $114.125 million for three multifamily properties (consisting of a combined 799 units) located in Canyon Country, California. The financings were on behalf of Beverly Hills-based developer G.H. Palmer Associates. NorthMarq arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.
Canyon Country Villas, a 328-unit multifamily property located at 26741 North Isabella Parkway in Canyon Country, California received refinancing of $46.09 million. The transaction was structured with a 10-year, interest-only term.
Sand Canyon Villas, a 215-unit multifamily property located at 28923 North Prairie Lane in Canyon Country, California received refinancing of $34.98 million. The transaction was structured with a 10-year, interest-only term.
Diamond Park, a 256-unit multifamily property located at 27940 Solamint Road in Canyon Country, California received refinancing of $33.055 million. The transaction was structured with a 10-year, interest-only term.
“G.H. Palmer timed these cash out refinances perfectly. We were able to rate lock at application at sub 4% interest rates,” said Schwartz. “The new full term interest only loans paid off existing bond financing, Freddie Mac supplemental loans and provided substantial cash out.”
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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.
