Northmarq Arranges $54M Refi on Folsom Apartments
Northmarq’s Newport Beach Debt + Equity team arranged $53.72 million in financing for Fairmont at Willow Creek, a 260-unit garden-style apartment community located at 200 S. Lexington Dr. in Folsom. Led by Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao, the team arranged financing on behalf of the borrower, CWS Capital Partners LLC, through Northmarq’s in-house Fannie Mae DUS team.
The transaction was structured with a five-year term and full-term interest-only payments. It featured a 70% loan-to-value ratio and used a 35-year amortization schedule for sizing purposes.
“CWS timed the market perfectly to execute on this early refinance, locking in a great rate and providing them with cash-out dollars for planned property improvements,” said Giordani.
Fairmont at Willow Creek offers one- and two-bedroom apartments with custom kitchens, in-unit washer/dryers and private patios/balconies. Community amenities include a clubhouse, swimming pool and spa, fitness center, dog park and more.
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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