LAS VEGAS – Thomas J. Powell of NorthMarq’s Las Vegas regional office (Nevada License: 48816), in cooperation with Michael Dobbins of NorthMarq’s San Diego office arranged an interim loan of $3.9 million for the refinancing of Terrace Court, a 68-unit multifamily project located at 2316 Spring Grove Dr., Las Vegas, Nevada. Financing was based on a 5-year term with a 30-year amortization. NorthMarq arranged this financing for the borrower through its relationship with a regional bank. “This transaction was challenging due to the softness in the Las Vegas market, although the market is showing strong signs of continued improvement,” said Dobbins.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.