TUSTIN, CA-Dennis Williams, SVP/managing director of NorthMarq's San Francisco regional office, and Robert Hervey, EVP/senior managing director of the firm's Los Angeles regional office, have arranged acquisition financing of $21.7 million for Tustin Cottages, a 93-unit market-rate multifamily property at 1361 El Camino Real here on behalf of borrower the Matteson Cos. NorthMarq arranged the financing through its relationship with a correspondent life-company lender.
Financing was based on a 10-year term and a 30-year amortization schedule. According to Williams, “We negotiated a split funding loan to finance the acquisition of the subject property. The lender provided a market leading rate and was able to accommodate a quick closing with a smooth execution.”
GlobeSt.com was unable to reach NorthMarq prior to deadline to find out the importance of this transaction in the Tustin submarket.
As GlobeSt.com previously reported, in January Nevis Homes sold Tustin Cottages to JB Matteson in a 1031 exchange for $37.9 million. The complex is the newest apartment community in Tustin, a very tight market for multifamily properties. Tustin Cottages features gated access, a community pool, heated spa, barbecue area and an exterior fireplace. The 153.169-square-foot property is currently 92% occupied.
Is financing for multifamily properties in tight markets loosening up? Leave us your opinion in the box below.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
