NorthMarq’s San Diego office arranges $6.8 million refinance of multi-tenant office property in Temecula, California
SAN DIEGO, CALIFORNIA (February 7, 2020) – Conor Freeman, vice president of NorthMarq’s San Diego office, arranged $6.8 million in financing for the Deportola Professional Buildings, a 37,621 sf office property located in Temecula, California. The permanent loan was structured with a 10-year term on a 30-year amortization schedule and offered a sub 3.50 percent fixed interest rate. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company lender.
“The borrower pulled significant equity out of the property while taking advantage of historically low interest rates,” said Freeman. “The life company’s ability to offer non-recourse debt to a complicated borrower structure set them apart.”
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