NorthMarq Finds $12.29M in Permanent Financing for Distressed Property
- Jul 15, 2010
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.