NorthMarq arranged the $10.5 million external refinancing of the Nampa Apartments in Nampa, Idaho
BOISE, IDAHO (November 9, 2020) – Steve Hollister, senior vice president of NorthMarq’s Boise and San Diego regional offices, arranged the $10.5 million external refinance through a correspondent life insurance company. The transaction was structured on a 10-year permanent fixed loan with a 30-year amortization. The asset was under construction when the borrower signed the loan application and locked the interest rate in May, 2020. The loan commitment allowed six months for the asset to be completed and stabilized with no premium in the interest rate. This allowed the borrower to take interest rate risk off of the table. The immediate funding rate that was held for six months was far superior to the competition. The last building received its CO in early November. The loan funded in November with 95% occupancy.
The Nampa Apartments, located in Nampa, Idaho, is a 102-unit consisting of twenty-four 1 bed/1 bath and seventy-eight 2 bed/2 bath units. Unit amenities include high and vaulted ceilings, white quartz kitchen countertops, walk-in closets, and designer finishes and hardware. Common area amenities include a community clubhouse featuring both indoor and outdoor fire features, indoor/outdoor gourmet kitchen, sparkling pool and spa, 24 hour state of the art Fitness Center, Amazon package center, EV charging stations, house cleaning services, security patrol, and a pet park.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
