Dennis Williams of NorthMarq Capital’s San Francisco office negotiates $7.5M refinance of Somerset Apts. in Albuquerque

Dennis Williams, senior vice president/managing director of NorthMarq Capital’s San Francisco office finalized the $7.5 million refinance of Somerset Apartments, a 224-unit multifamily property located at 1101, 1201 and 1205 Madeira Drive SE in Albuquerque, New Mexico.

Somerset Apts

 

The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.

“By refinancing their existing loan, the borrower was able to reduce the interest rate on their debt by more than 100 basis points and fund planned capital improvements,” said Williams.

 

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