Northmarq arranges $56.1M in financing for Lakeside's Wintercrest Village

The commercial real estate firm Northmarq secured a $56.1 million refinance for Wintercrest Village Apartments in Lakeside.

Northmarq arranged the fixed-rate financing on behalf of the borrower through the firm's Fannie Mae DUS platform. The permanent loan is structured as a 10-year term, with full-term interest-only payments.

It was arranged by Northmarq's San Diego debt and equity team, led by Aaron Beck, Conor Freeman and Robbie Driscoll.

"Wintercrest Village is a high-quality workforce housing asset that benefits from local ownership who has demonstrated expertise in operating a property of this size and vintage," Beck said. "With this Fannie Mae refinance, we were able to unlock trapped equity for the borrower and preserve cash flow while keeping the loan truly non-recourse with no carve-out guarantees. In addition, all operating escrows were waived by the lender."

The 354-unit, garden-style multifamily community is located at 12002 Wintercrest Drive.

It features one- and two-bedroom floor plans in a quiet setting with common area amenities such as two swimming pools and spas, outdoor courtyard areas, fitness rooms and multiple laundry facilities. Unit amenities include central air conditioning, vinyl plank flooring and stainless-steel appliances.

Located in East County, Wintercrest Village offers residents convenient access to major transportation corridors, employment centers, essential retail destinations and recreational amenities throughout the region.

Lakeside benefits from its balance of residential neighborhoods and semi-rural atmosphere, strong regional connectivity, a diverse employment base and sustained renter demand with its relative affordability when compared to coastal areas.

"All of this supports the ongoing operational success of Wintercrest Village Apartments," Northmarq said.