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