Northmarq’s Los Angeles office completes $20.875 million in financing of two multifamily portfolios for Golden Bee Properties
LOS ANGELES, CALIFORNIA (January 4, 2022) — Zalmi Klyne, managing director of Northmarq’s Los Angeles debt/equity team, arranged financing for two multifamily portfolios on behalf of Golden Bee Properties. The set of assets contains a combined 105 units and is located throughout Long Beach and Los Angeles, California.
“We were able to lock rate at application and take the sponsor out of floating rate loans into fixed rate with flexible prepayment penalty. This gives the sponsor flexibility on disposition while eliminating their high-rate cap escrow requirements,” said Klyne.
“Our floating rates were inching upward every month and we needed to stop the bleeding. Zalmi and Stan found us a few new banking relationships and helped us get these assets into solid fixed rate loans. We are now in a great position to ride the next few years out without having to be concerned with market volatility,” said David Berneman, CEO of Golden Bee Properties.
Long Beach Portfolio: The portfolio consists of three properties (all originally built in 1959) and was refinanced for a combined $9.325 million. The transaction was structured with a 10-year term with 3-years of interest only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed loan for the properties through its relationship with a regional bank. The properties are located at 1850-1854 Pine Ave (16 units), 2223 Myrtle Avenue (14 units) and 1845‐1851 Pine Ave (20 units) in Long Beach, California.
Los Angeles Portfolio: The portfolio consists of three properties and was refinanced for a combined $11.55 million. The transaction was structured with a 2-year interest only bridge loan. Northmarq secured the financing for the properties through its relationship with a regional bank. The properties are located at 6812 11th Avenue (26 units), 6821 11th Avenue (8 units) and 2301 W. Florence Avenue (21 units) in Los Angeles, California.
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