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Apartment Owner Obtains $40.5M in Refinancing

Two Properties Located in Las Vegas, Escondido
January 12, 2018
The San Diego-based owner of two apartment properties totaling 440 units in Escondido, CA and Las Vegas, NV has obtained a total of $40.5 million in refinancing.

A statement from NorthMarq Capital, which arranged the financing, said separate seven-year, fixed-rate loans were obtained on the properties, which share common principals.

The financial services firm arranged $24.5 million in refinancing for the 184-unit Forest Glen Apartments at 493 Beaumont Glen in Escondido, and $16 million in refinancing for the 256-unit Shadowbrook Apartments located at 3851 Wynn Rd. in Las Vegas.

The refinancings were arranged by Marty Meagher and Gardiner Champlin, senior vice presidents in NorthMarq Capital’s San Diego regional office, through the company’s Fannie Mae platform.

CoStar Group and public data indicate that both properties are owned by affiliates of San Diego-based ConAm Group of Companies, and also managed by ConAm. The Escondido property was built in 1986 and the Las Vegas property was built in 1985.



Lou Hirsh, San Diego Market Reporter  CoStar Group   

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