NorthMarq Closes $5.3M for Santa Ana Apartments
SANTA ANA, Calif. — The $5.275 million refinance of Emerald Terrace Apartments, a 50-unit multifamily property located at 919 and 1001 South Lyon St. has been finalized.
The transaction was structured with a seven-year term and 30-year amortization schedule.
NorthMarq arranged financing for the borrower through its Fannie Mae Delegated Underwriting and Servicing program. David Blum, senior director of NorthMarq Capital’s Los Angeles regional office, arranged the refinance loan.
“NorthMarq refinanced this internal Fannie Mae loan with a significantly reduced interest rate, some cash-out and waived the pre-payment penalty,” said Blum.
The community is located at the intersection of South Lyon Street and East McFadden Avenue, surrounded by other multifamily properties, elementary schools and retail establishments, near the Santa Ana Zoo, and in close proximity to the Interstate 5 and Highway 55 interchange.