DEAL OF THE DAY: NorthMarq Arranges $25.388M, Interest-Only, Fannie Mae Loan through AmeriSphere
NorthMarq Capital's San Francisco regional office has arranged a $25.388 million first mortgage for Jefferson at Carmel Mountain Ranch.
San Diego– Dennis Williams, managing director of NorthMarq Capital’s San Francisco Regional office, and Casey Boome, an Investment Analyst in NorthMarq’s San Francisco office, arranged a $25.388 million first mortgage for Jefferson at Carmel Mountain Ranch.
The property is a 277-unit multifamily property located at 11832 Stoney Peak Drive in San Diego.
Financing was based on a five-year , interest-only, term and was arranged for the borrower, Carmel Mountain Apartments Inc., by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.
Mr. Williams states, “This property is a beautifully maintained, Class-A asset in a strong San Diego location. We were able to provide non-recourse, five-year interest-only loan with an early-rate lock execution, allowing our client to take advantage of a decline in Tyields during the application process.”