Dealmaker: NorthMarq Arranges $84M for Office, Multifamily Refis

NorthMarq Capital, Minneapolis, arranged $84 million to refinance a San Antonio office and an Upland, Calif. multifamily property.

NorthMarq’s San Antonio office secured $54 million to refinance San Antonio’s Brass Professional Center. Senior Vice President and Managing Director Bryan Leonard arranged the financing through a New York-based national bridge lender.

“The borrower was seeking to recapitalize the asset with lower-cost bridge debt to take advantage of recent strong leasing activity and to properly position the asset according to the business plan,” Leonard said. He noted that despite the building’s 125 tenants, which added complexity, the loan received approval within 36 days and funding within 43 days.  

Leonard noted that Aetna, MCNA and the University Health System represent the 728,000-square-foot property’s largest tenants.

“A unique feature to this loan is that it is prepayable at any time with no lock-out and has no prepayment fees,” Leonard said.

In Upland, Calif. in San Bernardino County, NorthMarq secured $30 million to refinance Northwood Apartments, a 324-unit property on West Arrow Highway.

NorthMarq Senior Vice Presidents Marty Meagher and Gardiner Champlin arranged the financing through its Fannie Mae Delegated Underwriting and Servicing program. They structured the 10-year loan with a 30-year amortization schedule.

“The requested financing was low leverage for the long-term hold borrower, affording a simple early rate lock and allowing for the waiver of funded replacement reserves and tax and insurance impounds,” Champlin said.