LOS ANGELES, CALIFORNIA (January 19, 2021) – Zalmi Klyne, vice president of NorthMarq’s Los Angeles regional office arranged the $36,925,000 refinance of a multifamily portfolio in Northern California. The 13 properties, located throughout Oakland and Berkeley, consists of 299 units. The transaction was structured with a 10-year term with 2-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its in-house Fannie Mae team.
The portfolio included four properties located in Berkeley, CA covering 68 units all built between the 1950 – 1960s. The rest of the nine properties are all located in Oakland totaling 222 units built between the 1920s to 1960s. All locations are conventional market rate properties.
1917 6th Street, Berkeley, CA 94710; 12 units
1626-1654 Dwight Way, Berkeley, CA 94703; 21 units
1590 Oregon Street, Berkeley, CA 94703; 19 units
1826 Alcatraz Ave., Berkeley, CA 94703; 16 units
1924 9th Avenue, Oakland, CA 94606; 30 units
629 E. 19th Street, Oakland, CA 94606; 18 units
1925 & 1935 10th Avenue, Oakland, CA 94606; 36 units
1934 9th Avenue, Oakland, CA 94606; 15 units
734 East 20th Street, Oakland, CA 94606; 19 units
2518, 2522, 2530 35th Avenue, Oakland, CA 94601; 52 units
475 Alcatraz Avenue, Oakland, CA 94609; 12 units
6433 Telegraph Avenue, Oakland, CA 94609; 12 units
650 East 17th Street, Oakland, CA 94606; 28 units
“We were able to accommodate the borrowers complicated borrowing structure without requiring a new SPE,” said Klyne. “Although the 10-year treasury rose 30 bps from application, we were able to close at an interest rate lower than the application.”
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people.