(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
NEVADA-GlobeSt.com has learned exclusively that Minneapolis-based commercial mortgage banking firm NorthMarq Capital has been approved by Freddie Mac as a Program Plus seller servicer in Nevada, allowing the company to originate Freddie Mac multifamily loans in the state. The addition of Nevada expands the NorthMarq footprint as commercial mortgage banking firm with the highest number of Freddie Mac multifamily state approvals in the US.
NorthMarq is now approved by Freddie Mac to originate conventional market-rate loans in 38 states plus the District of Columbia and is also one of a handful of firms to be approved as both a Freddie Mac seller servicer for affordable-housing and senior-housing loans in all 50 states. The firm had the second-highest annual loan production for Freddie Mac in 2011 and has a dedicated team of 11 professionals to support the 33 NorthMarq regional offices originating Freddie Mac business.
“This expansion strengthens our relationship with Freddie Mac and enables our production team to represent Freddie Mac as a Program Plus Seller Servicer in the state of Nevada,” Paul Cairns, co-managing director and SVP for NorthMarq’s Freddie Mac business, tells GlobeSt.com. “Ultimately, this means that we can review options for borrowers and offer a better mix of multifamily loans for our customers.”
As GlobeSt.com reported in April, CBRE Capital Markets, NorthMarq Capital and Berkadia Commercial Mortgage were the highest-producing multifamily mortgage sellers of 2011 for Freddie Mac, with the firms completing $4.13 billion, $2.14 billion and $1.68 billion in deal volume, respectively. Following these lenders were Wells Fargo Multifamily Capital, at $1.49 billion, HFF at $1.43 billion and CWCapital, which posted $1.41 billion in transactions.
“The NorthMarq/Freddie Mac execution has been well received by borrowers, with most loan interest rates below 4%,” said Cairns in a prepared statement. “We recently locked a low-leverage 10-year loan at 3.13%.”
Cairns added that multifamily loans are an important part of the firm’s business and that Freddie Mac and Fannie Mae “are a great option for our production staff to offer clients across the country.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
