Slatt Capital Arranges Life Company Loan for Novato Multifamily
Slatt Capital arranged a $21-million non-recourse permanent loan to refinance a 213-unit multifamily property located in Novato. Built in 1969, the property was refinanced through a life insurance company lender, PPM America, on a 10-year term with a 30-year amortization schedule.
Jeff Glenn, a 25-year veteran with Slatt Capital, secured the debt financing. The financing provides long-term, fixed-rate certainty for the well-located Marin County asset.
“This refinance reflects the continued appetite among life insurance company lenders for stabilized multifamily assets in strong Northern California submarkets,” said Glenn. “The borrower has a long operating history in Novato, and we were able to secure non-recourse, fixed-rate permanent financing that gives ownership long-term certainty on one of their core holdings.”
From the lender’s perspective, the transaction represented an attractive opportunity to place long-term capital against a well-located multifamily asset with a stable operating history, according to Slatt Capital.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout