JB Matteson has landed a batch of six refinancing loans for communities in California and Washington. The company worked with NorthMarq’s San Francisco office, which arranged a total of $132 million in financing by taking advantage of its long-time correspondent relationship with Allianz.
The six permanent loans provided by Allianz featured competitive fixed interest rates with interest-only payments for the full 10-year terms. The new loans will refinance JB Matteson’s five communities in California and one in Washington that are all Class A properties.
Tom Wight, vice president of NorthMarq’s San Francisco office, said in prepared remarks that JB Matteson received the most competitive portfolio-level pricing and terms available and was able to lock the rate of the loans months in advance.
In Sacramento, Calif., NorthMarq arranged a nearly $19.3 million refinancing for the 216-unit Avanti Apartments. At $31.4 million, the 124-unit Millworks Apartments in Novato, Calif., received the largest refinancing loan. In Tustin, Calif., JB Matteson received a $19.4 million refinancing for its 93-unit Tustin Cottages community that was built in 2011.
NorthMarq also arranged a $25.5 million refi for Urban Village Apartments, a 129-unit community in Long Beach, Calif. The smallest loan at $18 million will be used to refinance the 96-unit Waterfront Apartments in Petaluma, Calif., that was built with 4,000 square feet of commercial space. JB Matteson also received an $18.5 million loan to refinance its 244-unit Reflections at the Park in Vancouver, Wash., located near Portland.
MORE THAN A DOZEN REFINANCINGS TOGETHER
Tom Fischer, principal & director of capital markets for JB Matteson, said in prepared remarks that the company has refinanced a total of 13 loans with the San Francisco NorthMarq office in the last two years.
In May 2019, NorthMarq’s Wight also arranged a $18.5 million non-course refinancing for JB Matteson’s 124-unit community in Seattle.
More recently, NorthMarq’s San Francisco office also arranged a $59 million loan to refinance JB Matteson’s 200-unit luxury community in Milpitas, Calif. The refinancing was also provided by a life insurance company and similarly gave JB Matteson the ability to lock the interest rate three months in advance.