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.
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