OREM, UTAH—NorthMarq's Los Angeles regional office, arranged acquisition financing of $28.2 million for Pinnacle Canyon View Apartments, a 288-unit, market-rate multifamily property located at 1401 S. Sandhill Road in Orem, Utah. Mark Grace, vice president of the Los Angeles office spearheaded the deal.

The loan was based on a 15-year term with three years of interest only and then a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender.

“The borrower sought maximum interest-only and long-term financing for the purchase of a stabilized multifamily asset,” said Grace. “NorthMarq was able to deliver Fannie Mae terms that accommodated the borrower's request for longer term financing with a low rate and maximum loan proceeds. We were able to deliver considerably higher proceeds as well as a longer fixed rate term and more years of interest only than other capital providers.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size.