NorthMarq’s San Diego office secures $6.7 million bridge loan for apartment property in Hawaii
SAN DIEGO (February 28, 2020) – Eric Flyckt, senior vice president and Wyatt Campbell, vice president, of NorthMarq’s San Diego office, secured a $6.7 million bridge loan for the acquisition and renovation of a 162-unit apartment property located in Hilo, Hawaii. The non-recourse bridge financing was arranged for the borrower through a debt fund. The Property will undergo a substantial exterior and interior renovation.
“In addition to the acquisition funds the bridge loan will provide the borrower with 100 percent of the capital needed to complete the renovation,” said Campbell. “The loan was structured with full-term interest-only payments, no prepayment penalty, and extension options. Many lenders passed on this deal due to Hilo’s small size, remote location, and the security being a portion of a fractured condominium.”
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