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