Northmarq has secured a $95.8 million refinancing package for a six-property apartment portfolio owned and operated by E&S Ring in Southern California. The multifamily portfolio, totaling 1,461 units, spans Los Angeles and San Bernardino Counties.
The refinancing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team. The assignment was led by managing director Nathan Prouty, senior vice president Andrew Slaton and senior investment analyst John Holt.
The new capital refinances existing debt on the portfolio, including four loans that were originally placed with Voya in 2007. The execution maintains continuity of the lending relationship while updating the portfolio’s capital structure nearly two decades after the initial financings.
The refinancing is structured as six separate, non-cross-collateralized loans, with each property financed on a stand-alone basis. Across the loans, the package blends fixed- and floating-rate structures, incorporates interest-only payments and includes flexible prepayment provisions, providing the borrower with a mix of rate profiles and optionality.
Slaton described E&S Ring as a multigenerational, family-owned real estate company that originally developed many of the communities included in the portfolio. He noted that the firm has continued to own, manage and reinvest in these properties over the years, and that this long-term stewardship is reflected in the quality of the assets.
According to Slaton, the sponsor’s sustained commitment to the portfolio and evident pride of ownership were key attributes recognized and appreciated by Voya. The refinancing extends a longstanding relationship between E&S Ring, Northmarq and Voya Investment Management across these Southern California multifamily communities.
