NorthMarq Capital’s San Diego office arranges $7 million financing for apartment community in Del Mar, California
Apartment Community
SAN DIEGO (January 21, 2016) – Eric Flyckt, managing director of NorthMarq Capital’s San Diego office arranged the $7 million refinance of an 86-unit apartment community located in Del Mar, California. The transaction was structured with a 15-year term with 3 years interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The insurance company lender provided a seven-month forward commitment that allowed the borrower to lock-in a sub-4 percent rate fixed for 15 years, while also avoiding a prepayment penalty on their former loan,” said Flyckt. “The borrower will use the excess loan proceeds to perform a significant renovation to the unit interiors. The property enjoys an irreplaceable location one block from the beach.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
