NorthMarq closes $27.5 million financing for grocery-anchored retail center in San Diego, California
Grocery-Anchored Retail Center
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 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.
