NorthMarq Scores Refinancing for Multifamily Asset
- Dec 08, 2015
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.
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.