NorthMarq Capital’s San Diego office arranges $2.5 million financing for a new urban apartment property
SAN DIEGO (April 3, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, has arranged a $2.5 million loan for a newly developed apartment property located in San Diego, California. The financing was arranged for the borrower through NorthMarq’s relationship with a local bank. The newly completed apartment project is located in an urban market with very little vacancy - near downtown San Diego, and just blocks from Balboa Park and the Little Italy neighborhood. Many of the units boast unobstructed views of the San Diego Bay. In 2017, the property was awarded an Orchid for best architecture. “The non-recourse loan provided the maximum loan dollars in the market at a fixed rate below four percent along with very flexible prepay. This allowed the borrower to pay off the high interest rate construction loan, return a substantial amount of equity in the project, eliminate interest rate risk for the long term, and have the flexibility to sell the property with a nominal pre-payment premium,” said Beck.
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