SAN FRANCISCO (August 29, 2018) – Nathan Prouty, managing director and Tom Wight, vice president at NorthMarq Capital’s San Francisco regional office, arranged the $6 million acquisition financing for a 38-unit multifamily property in Santa Rosa, California. The 10-year Fannie Mae loan was structured with a five year interest only period.
The seller recently completed extensive renovations to the 1980s vintage property including new roof, new siding and exterior paint scheme, upgraded unit interiors with new appliances and low-flow plumbing fixtures, state of the art security system, and fully redesigned courtyard landscaping.
“This transaction serves as a great example of Fannie Mae’s willingness to cooperate with local property owners and our DUS team in order to encourage the improvement of housing stock, especially in a community like Santa Rosa that has had to overcome major adversity with wildfires,” said Wight.
About NorthMarq Capital
NorthMarq Capital is the largest privately-owned commercial mortgage banking firm in the country with a collaborative platform of over 300 local experts in offices coast-to-coast. Through decades of debt and equity placements on behalf of institutional and mid-market clients NorthMarq Capital has cultivated long-term relationships with the world’s top capital providers, including Fannie Mae, Freddie Mac, FHA/HUD, life insurance companies, regional and national banks, debt funds, and equity sources. The company maintains a combined servicing portfolio of over $52 billion and is the largest servicer of life company loans in the nation.
For more information please visit https://www.northmarq.com/cities/san-francisco/.
About Fannie Mae DUS
As a leading lender for multifamily properties in the U.S., Fannie Mae relies on its network of Delegated Underwriting and Servicing (DUS®) partners to originate loans on its platform. NorthMarq Capital has closed over $7 billion in Fannie Mae transactions as a DUS® lender which guarantees that our clients have access to the best possible financing solutions. The NorthMarq Capital DUS team focuses solely on originating, closing, and servicing Fannie Mae loans.