Northmarq Arranges $96M Refi for 1,461-Unit SoCal Portfolio – Commercial Observer
E&S Ring has secured refinancing from Voya Investment Management for a six-property multifamily portfolio in Southern California.
Northmarq on Thursday announced the $95.8 million refinancing for the 1,461-unit portfolio. The firm’s Nathan Prouty, Andrew Slaton and John Holt facilitated the deal.
The refinance covers existing debt across the portfolio, including four loans from Voya in 2007. The new financing is structured as six non-cross-collateralized loans, and includes a combination of fixed- and floating-rate debt, interest-only payments and prepayment provisions.
Four properties are in Los Angeles neighborhoods, one is in Culver City, and the sixth is in Victorville. The portfolio includes the 168-unit Casa Granada and 183-unit Sunset Barrington Gardens in Brentwood; the 117-unit Meadows South in Culver City; the 400-unit Mountain Vista in Victorville; the 317-unit Rancho Los Feliz in Los Feliz; and the 276-unit Villa Vicente in Mid-Wilshire.
Greater Los Angeles multifamily vacancy held at 4.5 percent through the first half of the year, while average rent remained slightly below the level from one year ago, according to Northmarq’s most recent numbers. Investment activity accelerated, with more than 40 percent more properties trading in the first half than during the same period in 2025.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
