NorthMarq’s San Diego office arranges $18.15 million refinance through Fannie Mae
SAN DIEGO (March 24, 2021) – Aaron Beck, senior vice president of NorthMarq’s San Diego regional office, arranged the $18.15 million refinance of an apartment property in Chino, California. NorthMarq arranged the financing for the borrower through its relationship with Fannie Mae. The transaction was structured with partial-term interest only payments and a fixed interest rate in the mid to upper-2 percent range.
“The new loan replaced a very low leverage insurance company loan that had a high fixed interest rate relative to today’s rates,” said Beck. “The low fixed interest rate for this refinance provided a reduction in the Borrower’s debt service payments, and despite a large prepayment penalty from the prior loan, the Borrower was able to pull out a significant amount of equity for a new development.”
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