Westphal Company Secures $56.1M Fannie Mae Refinancing for Lakeside Apartments

The Westphal Company recently finalized a $56.1 million permanent financing deal for its Wintercrest Village Apartments, a 354-unit multifamily property located at 12002 Wintercrest Drive in Lakeside, California. Northmarq facilitated the fixed-rate, nonrecourse loan through its Fannie Mae platform, which includes a 10-year term with interest-only payments for the entire duration. This refinancing allowed Westphal to extract equity from the asset while preserving its cash flow, with the lender also waiving all operating escrows.

Wintercrest Village is a garden-style community featuring one- and two-bedroom units, along with amenities such as swimming pools, spas, courtyards, and fitness rooms. Lakeside is an unincorporated community situated approximately 20 miles northeast of Downtown San Diego.

According to Northmarq's second-quarter data, San Diego's multifamily market saw stabilization, with a 5 percent vacancy rate and a slight 0.5 percent increase in asking rents to $2,598 per month. While investment sales volume decreased by about 25 percent year-over-year, the median price per unit rose significantly by 25 percent to $415,000. This transaction highlights the continued availability of attractive financing options for well-performing multifamily assets in the region, enabling owners to optimize their capital structures amidst evolving market conditions.