NorthMarq provides $11.5 million financing through Freddie Mac for apartment community in San Diego, California

SAN DIEGO, CALIFORNIA (October 25, 2021) – Eric Flyckt, managing director, and Casey Allred, vice president of NorthMarq’s San Diego office, secured an $11.5 million refinance of a 56-unit multifamily property in San Diego, California. The five-year loan, with a rate in the low two-percent range, was structured with full-term interest-only payments and provided a significant return of equity to the borrower. NorthMarq arranged the financing through its designation as a Freddie Mac Optigo lender. 

“This is an extremely attractive loan with a fixed rate in the low two-percent range, is interest-only for the entire five-year term and generated a considerable return of equity to the borrower. This transaction went very smooth and closed in 46 days from application to funding,” said Flyckt.