SAN DIEGO (August 10, 2017) Mike Dobbins, senior vice president of NorthMarq Capital’s San Diego regional office, negotiated acquisition financing of $14,000,000 for a 122,345 sq. ft. retail property located in San Diego, California. The building is occupied by Living Spaces. The transaction was structured with a 20-year term and a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company.
“The financing enabled the borrower to acquire this desirable retail building, which is contiguous to their existing shopping center, and provide continuity of management and a long-term strategy for the center,” said Dobbins.