HOLLYWOOD, CA—Robert Hervey, executive vice president and managing director of NorthMarq's Los Angeles regional office, has arranged first mortgage refinancing of $10.5 million for Hillside Terrace Apartments, a 79-unit market-rate multifamily property located at 7245 Hillside Avenue in Hollywood. Financing was based on 10-year term and a 30-year
amortization schedule.
NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac.
“This transaction was a cash-out refinance of an existing Freddie
Mac portfolio loan that will mature later this year,” said Hervey.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices across the U.S.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
