Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton Aand senior investment anaylst John Holt.
The transaction refinances existing debt across the portfolio, including four loans originally placed with Voya in 2007. Structured as six separate, non-cross-collateralized loans, the financing combines fixed- and floating-rate structures, interest-only payments and flexible prepayment provisions.
“E&S Ring is a multigenerational, family-owned real estate company that originally developed many of the communities in this portfolio,” Slaton said. “They’ve continued to own, manage and reinvest in these properties over the years, and that long-term commitment really shows in the quality of the assets. It’s a level of pride in ownership that Voya recognized and appreciated.”
Other News
CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
Learn more
Brighton Multifamily Draws Record Pool of Potential Buyers
Marcus & Millichap closed the sale of 15 Euston Rd., a 24-unit multifamily property in Boston’s Brighton neighborhood. The asset sold for $8,875,000. “Brighton is one of the lowest transactional submarkets in the country for apartment buildings, so it was no surprise that a record number of groups toured this asset,” said Evan Griffith, senior...
Learn more
NY City Council Passes Bill Giving Nonprofits First Dibs on Distressed Apartment Properties
The New York City Council on Thursday passed the Community Option to Purchase Act (COPA), which gives nonprofit groups a 90-day window to potentially acquire distressed apartment buildings after they’re put up for sale. The measure now goes to Mayor Zohran Mamdani, who has signaled his approval in recent months. An earlier version of the...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout