The Northmarq Debt + Equity team, led by Joe Giordani, successfully arranged a $17.9 million refinance for Stone Ridge Apartments in Bullhead City, Arizona. The multifamily property boasts 204 units and was constructed in 1990.
Sponsorship for the project was provided by Clipper Capital Group. The transaction involved a structured 10-year term with five years of interest-only payments at a fixed rate in the mid-5%s.
Northmarq played an integral role in securing high-leverage acquisition bridge financing through a non-recourse debt fund two years ago for the same property on behalf of the sponsor.
Stone Ridge Apartments is conveniently located near popular attractions such as the Colorado River, shopping centers, restaurants and Laughlin, Nevada. Residents can take advantage of various community amenities including two pools and spas, fitness center access,
a playground area,
basketball and volleyball courts as well as on-site laundry facilities.
This pet-friendly complex offers studio to two-bedroom floor plans with optional features like an in-unit washer/dryer,
fireplace or private balcony.
The article “Northmarq Helps Clipper Capital with Bullhead City Refi” originally appeared on Connect CRE .
