NorthMarq closes $27.5 million financing for grocery-anchored retail center in San Diego, California
SAN DIEGO, CALIFORNIA (May 7, 2021) – Eric Flyckt, managing director, and Casey Allred, vice president, of NorthMarq’s San Diego office, closed a $27.5 million refinance of a grocery-anchored retail center in San Diego, California. The financing was provided by an insurance company for whom NorthMarq is a correspondent. The loan term was 10 years, with two-years interest-only followed by a 30-year amortization schedule. The loan amount equates to $385 per square foot and the rate was in the low 3%’s. In addition to the grocer, other tenants include financial, restaurants, and service providers. The property was 96 percent occupied at closing.
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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 and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
