Northmarq’s San Diego office secures $83.5 million bridge loan for apartment property in Phoenix, Arizona

Apartment Property
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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.” 

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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