Retail

NorthMarq Capital’s San Diego office closes $14 million refinance for Living Spaces in San Diego, California

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.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.