NorthMarq's San Diego team, in partnership with Ballast CRE, has successfully secured a $46.5 million refinance for Union Apartments, a 170-unit multifamily property located at 245 Bonita Glen Drive in Chula Vista, California. This property, situated in a high-demand area with strong rental demand, presented an excellent investment opportunity. The loan amount of $46.5 million was obtained through a non-recourse Fannie Mae loan, which replaced the existing floating rate construction debt with fixed-rate, full-term interest only payments. With a sub-6% interest rate, this refinance offers favorable terms for the property's long-term financial stability.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $46,500,000
• Units: 170
• Address: 245 Bonita Glen Drive, Chula Vista, California
• Market: Chula Vista

The transaction was facilitated by Conor Freeman and Wyatt Campbell of NorthMarq, along with Mikee Anderson-Mitterling of Ballast Real Estate Advisors, who served as the brokers involved in securing this refinance. Their expertise and collaboration were instrumental in achieving advantageous terms for Union Apartments.