Multifamily - Debt

Northmarq arranges $47.25 million financing for apartment community in San Diego, California

SAN DIEGO, CALIFORNIA (November 30, 2021) – Eric Flyckt, managing director, and Casey Allred, vice president of Northmarq’s San Diego office, secured a $47.25 million refinance of a multifamily property in San Diego, California. The 10-year fixed-rate loan, with a rate under 2.6%, was structured with full-term interest-only payments. Northmarq arranged the financing from an insurance company for whom Northmarq is a correspondent and servicer. The loan was structured with yield maintenance during the first eight years, 2% in year 9, 1% in year 10, and par during the last six months. The rate was locked with a two-page term sheet.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.