NorthMarq provides $11.5 million financing through Freddie Mac for apartment community in San Diego, California
SAN DIEGO, CALIFORNIA (October 25, 2021) – Eric Flyckt, managing director, and Casey Allred, vice president of NorthMarq’s San Diego office, secured an $11.5 million refinance of a 56-unit multifamily property in San Diego, California. The five-year loan, with a rate in the low two-percent range, was structured with full-term interest-only payments and provided a significant return of equity to the borrower. NorthMarq arranged the financing through its designation as a Freddie Mac Optigo lender.
“This is an extremely attractive loan with a fixed rate in the low two-percent range, is interest-only for the entire five-year term and generated a considerable return of equity to the borrower. This transaction went very smooth and closed in 46 days from application to funding,” said Flyckt.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
