NorthMarq Capital arranges $10.227 million refinance of University of Southern California student housing
LOS ANGELES (Feb. 17, 2014) – Ory Schwartz, senior vice president/managing director of NorthMarq Capital’s Los Angeles based regional office arranged refinancing worth $10.227 million for a five property portfolio, consisting of student housing apartments located near the University of Southern California. NorthMarq arranged financing for the borrower through its relationship with a local bank. “The borrowers were repeat clients with the bank and were able to secure 15-year loans on each property in which the first five years were fixed rate before switching to a floating rate,” said Schwartz. “The borrower was able to refinancing existing loan amounts plus take out additional capital in excess of $2 million for future projects.”
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