NorthMarq Capital Provides $52 Million in Financing for San Diego M-F Complex
- May 29, 2014
NorthMarq Capital recently provided $52 million in financing for the Tierrasanta Ridge Apartments in San Diego. Marty Meagher and Gardiner Champlin, both senior vice presidents and managing directors at the firm, arranged the financing, which is based on a 10-year term and 30-year amortization schedule and was funded through the provider’s AmeriSphere Fannie Mae DUS platform.
Tierrasanta Ridge Apartments is located at 5410 Repecho Dr., south of Claremont Mesa Boulevard and just east of I-15. The 356-unit community includes a variety of environmentally friendly features, such as a solar energy system that supplies 70% of common-area electricity, irrigation controllers with on-site weather stations, and landscaping that emphasizes drought-tolerant native Californian and Mediterranean plants. Other sustainable elements are low-flow shower heads and toilets, high-efficiency laundry rooms, a community recycling programs, and a pool and spa heated by solar energy.
Tierrasanta Ridge Apartments offers five different floorplans ranging in size from 650 to 957 square feet. The units include one-bedroom, one=bathroom, two-bedroom, one-bathroom and two-bedroom, two-bathroom floor plans.
NorthMarq’s Meagher and Champlin team also recently arranged financing for residential properties in San Bernardino and Dallas. The company provided $16.1 million for the Creekside Village Apartments, a 304-unit affordable housing community in San Bernardino, and $6.35 million for the Atera Apartments, a 380-unit apartment property in Dallas,
Photo courtesy of tierrasantaridge.com