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 is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
