Retail

NorthMarq Capital arranges acquisition financing of $7 million for retail property in San Diego, California

SAN DIEGO (March 15, 2017) – Doug Austin, senior vice president/senior director of NorthMarq Capital’s San Diego regional office, arranged acquisition financing of $7 million for Palm Ridge, a 23,094 sq. ft. retail property located at 4354-4390 Palm Avenue in San Diego, California. The transaction was structured with a 10 year term with 2-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Bancorp, a CMBS lender.

“The lender was able to close the loan in less than 60 days to meet a 1031 exchange deadline,” noted Austin.

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.