Northmarq‘s Newport Beach Debt + Equity deal team led by Scott Botsford, Joe Giordani and Brendan Golding successfully arranged a $68 million refinance of IMT Desert Ridge, a 370-unit multifamily housing community located at 21155 N 56th Street in Phoenix.
Northmarq arranged the permanent-floating rate financing on behalf of the borrower, IMT Capital LLC, through a correspondent Life Company relationship.
“We are thrilled about this execution. We ran a full marketing process for this refinance opportunity, covering agency, both Freddie Mac and Fannie Mae, Life Companies, and large institutional investment companies, offering both fixed and floating rate options at various leverage points,” Botsford said.
“This approach provided our client with a range of competitive quotes, underscoring our ability to navigate the entire lending market. Ultimately, one of our correspondent life company lenders was awarded the loan due to best pricing, sizing to a 1.20x interest only debt service coverage ratio, prepayment flexibility, and a minimal lender origination fee.” Botsford added.
Built in 2014, IMT Desert Ridge features one- and two-bedroom apartments homes nestled in Phoenix’s vibrant Desert Ridge neighborhood. Apartment amenities include in-home washer and dryers, a fully-equipped kitchen including stainless steel appliances and kitchen pantry, a kitchen island or breakfast bar, quartz countertops with tile backsplashes, spacious walk-in closets, wood-style flooring, high ceilings, private patios or balconies, desert views and detached garages.
“Scott and Joe did a great job covering the market and producing an outstanding financing solution to match our business plan for the asset,” IMT Capital Managing Director Andrew Wizenberg said. “IMT appreciated the opportunity to develop a new lender relationship, and our ability to rely on Northmarq’s guidance throughout the transaction ensured a seamless execution with Alvin and their closing team.”
The residential community is 17 miles from downtown Scottsdale and 21 miles from downtown Phoenix. It has direct access to Arizona State Routes 51 and 101 as week as Interstate 17. Nearby destinations include Desert Ridge Marketplace, High Street and Pinnacle Peak, offering dining and adventure opportunities.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion.
