NorthMarq Arranges $20.25M Mortgage in ‘Broken Condo’ Transaction
- Dec 23, 2010
Oceanside, Calif.–Michael Elmore, senior vice president and managing director of NorthMarq Capital’s Los Angeles Regional office, arranged first mortgage financing of $20.25 million for River Oaks Apartments, located at 3891 San Ramon Drive in Oceanside, Calif.
Financing for the 252-unit apartment complex was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its Seller-Servicer relationship with Freddie Mac.
According to Elmore, this was the first broken condo loan by Freddie Mac in their CME loan format. He states, “Freddie Mac financed 90 percent of the HOA owned by our sponsor and provided cash-out to the owner. They were able to understand the split ownership and HOA issues and funded an excellently priced 10-year fixed-rate mortgage.”