NorthMarq Arranges $10.35M in Capital Markets, Early-Rate-Lock Execution
- Oct 21, 2010
Lakeside, Calif.– NorthMarq Capital completed a first mortgage financing of $10.35 million for Stoneridge Apartments, a 132-unit multifamily property located at 12840-12854 Mapleview Street in Lakeside, Calif.
Marty Meagher, senior vice president and managing director, and Gardiner Champlin, senior vice president and managing director, in NorthMarq Capital’s San Diego Regional office arranged the loan.
Financing was based on a 10-year term with a 30-year amortization schedule. The loan was provided to the borrower, 12840 Stoneridge, LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
According to Meagher, the transaction was an early rate lock, capital markets execution for a repeat Freddie Mac sponsor. He states, “[This is] another smooth, efficient refinancing transaction with the Freddie Mac Western Region, affording an excellent long-term fixed-rate for the borrower.”