DEAL OF THE DAY: NorthMarq Finds $12.29M in Permanent Financing for Distressed Property
Las Vegas--NorthMarq Capital's San Diego regional office arranged first mortgage financing of $12.293 million for Summerlin Entrada Apartments.
Las Vegas–Marty Meagher and and Gardiner Champlin, senior vice presidents and managing directors of NorthMarq Capital’s San Diego Regional office arranged first mortgage financing of $12.293 million for Summerlin Entrada Apartments, a 352-unit multifamily property located at 1701 Rock Springs Drive in Las Vegas.
Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, Summerlin Entrada LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
According to Meagher, the transaction provided the new owner of a distressed property with permanent financing. “Freddie Mac provided full leverage for a project that reached stabilization during processing in a soft market,” he states.