The owner of a 182-unit apartment building in Las Vegas has secured a refinancing loan through Fannie Mae's green rewards program. The $14.2 million loan is structured with seven years of interest-only payments and a fixed interest rate in the mid-three percent range.

To use the green program, the borrower is making low-cost upgrades to the property to reduce energy consumption at the property. As a result, the spread was reduced by more than 40 bps when compared to a non-green execution.

Aaron Beck, VP of NorthMarq's San Diego regional office secured the funds on behalf of the borrower.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Las Vegas
Multifamily
Capital Markets