Family-Owned California Asset Lands Refi
- Aug 13, 2015
San Diego, Calif. — NorthMarq Capital’s San Diego regional office announced the $25 million refinance of Wintercrest Village Apartments in Lakeside, Calif. Marty Meagher, senior vice president, and Gardiner Champlin, senior vice president of the regional office, negotiated the low leverage, fixed-rate transaction, which was structured with a fully amortizing 25-year term. NorthMarq made this arrangement for the borrower through its relationship with a life insurance company.
“NorthMarq was able to achieve material cash-out for the borrower while maintaining approximately the same monthly payment amount due to today’s lower market interest rates,” said Champlin. “The family-owned borrower and long-term holder eliminated interest rate risk with the fixed rate and eliminated refinance risk via the fully amortizing structure of the refinance.”
The 354-unit multifamily property is located at 12002 Wintercrest Drive, which is a short drive from Highway 67 and I-8, and is a walkable distance from local shopping and entertainment. The community offers one and two-bedroom floor plans with generous closet space, central heating and air conditioning and a private balcony or patio. The Village’s community amenities include two heated pools and spas, a fitness center, and children’s play areas. Residents also enjoy conveniences like a hassle-free computerized laundry system and 24-hour emergency maintenance.