DEAL OF THE DAY: NorthMarq Arranges $6.1M Supplemental Mortgage
Los Angeles--NorthMarq Capital has arranged a $6.1 million supplemental mortgage for the Park Sierra Apartments.
Los Angeles– Rob Hervey, executive vice president and senior managing director of NorthMarq Capital’s Los Angeles Regional office, arranged a $6.1 million supplemental mortgage for the Park Sierra Apartments, a 776-unit multifamily complex located in Canyon Country, Calif.
Financing was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. According to Hervey, in order to provide maximum proceeds, we worked with Freddie Mac to modify and update the terms of the senior loan.
“Freddie Mac was willing to work with NorthMarq and the borrower to meet the borrower’s needs by modifying the existing bond documents. This creative approach resulted in maximizing proceeds with a very attractive interest rate,” he says.