Northmarq’s San Diego office secures $12.5 million refinance for The Reserve at Gilbert Towne Centre in Gilbert, Arizona
SAN DIEGO, CALIFORNIA (July 11, 2022) – Aaron Beck, managing director of Northmarq’s San Diego office, arranged $12.5 million in financing for The Reserve at Gilbert Towne Centre, a 147-unit Class A apartment community. The property is in Gilbert, Arizona -- one of the most popular and fastest growing areas of the Phoenix metro. The permanent fixed-rate loan was arranged for the borrower through Northmarq’s Fannie Mae DUS platform.
“The borrower utilized Fannie Mae’s Streamlined Rate Lock (SRL) option to lock the interest rate before treasuries experienced a significant increase. The interest rate was locked within two days of executing the application,” said Beck. “The refinance provided the borrower with a long-term fixed interest rate and the benefit of full-term interest only payments.”
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