NorthMarq Capital facilitates refinancing of $6 million for Genesis Plaza in San Diego, California
Genesis Plaza
SAN DIEGO (September 18, 2015) – Doug Austin, senior vice president/senior director of NorthMarq Capital’s San Diego office negotiated the $6 million cash-out refinance of Genesis Plaza, a 57,803 sq. ft. office property located in San Diego, California. The loan was structured with a 10-year fixed interest rate, with 3-years interest-only payments, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. “The lender structured the loan so as to address the current 78% occupancy and substantial near-term rollover,” said Austin.
About Northmarq
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.
