Northmarq’s San Diego office secures $83.5 million bridge loan for apartment property in Phoenix, Arizona
SAN DIEGO (April 29, 2022) – Eric Flyckt, managing director and Casey Allred, vice president of Northmarq’s San Diego office, secured an $83.5 million bridge loan for the acquisition and renovation of a 294-unit apartment property located in Phoenix, Arizona. The non-recourse bridge financing was arranged for the borrower through an insurance company. The property will undergo an extensive interior and exterior renovation.
“In addition to the acquisition funds, the loan will provide the borrower with 100 percent of the capital needed to complete the renovation,” said Flyckt. “The loan was structured with full-term interest-only payments and a 5-year term including extension options.”
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