NorthMarq’s San Diego office arranges a $6.7 million financing from an insurance company for an industrial acquisition
SAN DIEGO (December 9, 2020) – Aaron Beck, senior vice president of NorthMarq’s San Diego office negotiated a $6.7 million loan for the acquisition of an industrial property located in San Diego, California. The financing was arranged for the borrower through NorthMarq’s relationship with an insurance company. The property’s central San Diego location has good access to the region’s freeways while the improvements provide for flexible build-out and tenancy with a variety of unit sizes. These qualities have allowed the property to maintain high occupancy for many years.
“The buyer plans to complete a number of upgrades throughout the property and eventually sell the asset once the value-add has been realized.” said Beck. “The fixed rate non-recourse loan was a great fit for the buyer’s business plan and included a sub-3.0% interest rate, partial interest only payments followed by a 30-year amortization, and very flexible prepayment schedule.”
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