NorthMarq Capital arranges $7.6 million financing for grocery-anchored retail center in San Diego, California

SAN DIEGO (February 23, 2018) – Eric Flyckt, managing director and Wyatt Campbell, vice president of NorthMarq Capital’s San Diego office, secured $7.6 million in financing for a grocery-anchored retail center in San Diego, California. The loan was structured with a 10-year fixed-rate term, 30-year amortization and the rate was 135 basis points above the 10-year Treasury yield. The property was built in the 1980’s and consistently maintains an occupancy of 95%+. The property benefits from a strong submarket and an outstanding corner location. An insurance company, for whom NorthMarq is a correspondent, provided the financing. “We presented this deal to several of our insurance company lenders and they all quickly issued aggressive quotes due to the low leverage, financially-strong grocery anchor, excellent location and long-term successful history of the property. The Sponsor was very pleased with the low fixed rate which was locked at the time the Application was executed and the smooth approval and closing process.”