PHOENIX—Michael Elmore, executive vice president and managing director of NorthMarq Capital's Los Angeles office, and James DuMars, senior vice president and managing director of NorthMarq Capital's Phoenix office secured $22.8 million in acquisition financing for Ocotillo Springs, a class A, 272-unit multifamily property located at 825 W. Queen Creek Road in Chandler. The transaction was structured with a seven-year term with three-year interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Crown Realty, through its seller/servicer relationship with Freddie Mac. Weidner Apartment Homes was the seller.
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