NorthMarq Scores Refinancing for Multifamily Asset

NorthMarq Capital, a privately held commercial real estate financial intermediary, recently completed the refinancing of a Las Vegas-area residential asset.

NorthMarq Capital arranged an $8.6 million refinancing of Rancho Verde Apartments, a 264-unit multifamily community, on behalf of its client, United AMS. Featuring a 10-year term and 30-year amortization schedule, the loan was sourced through NorthMarq’s seller/servicer relationship with Freddie Mac. Scott Monroe, a senior vice president in the company’s Las Vegas office, spearheaded the process.

Rancho Verde

Rancho Verde Apartments

Located at 98 South Martin Luther King Blvd., Rancho Verde Apartments consists of one-, two-, and three-bedroom units in 13 buildings on a 14-acre property. Amenities include two laundry facilities, a spa, tennis court and two swimming pools, plus 600 grade-level parking spaces.

According to real estate data provider Yardi Matrix, units at Rancho Verde average 771 square feet in size, and the average monthly rent at the 36-year-old community is $615.

Image courtesy of Yardi Matrix.