Northmarq finalizes $7.3 million refinance for industrial complex located in San Diego, California

SAN DIEGO, CALIFORNIA (May 3, 2022) -Steve Hollister, senior vice president in Northmarq’s San Diego and Boise offices, arranged a $7.3 million fixed-rate loan secured by a 70,918 sq. ft. industrial complex in San Diego, California. The asset consists of two concrete tilt-up buildings and is 100 percent leased to two tenants. Both buildings are divisible, have 26’/28’ clear heights, and multiple dock-high and grade level truck doors. 

The transaction was structured with a 20-year fully-amortizing loan. Northmarq arranged the loan through its correspondent relationship with a life insurance company. The loan is non-recourse and is structured with a stepdown prepayment in the last five years (3 percent, 2 percent, 1 percent, par, par). The interest rate was locked at loan application with a four-month funding window to take advantage of a reduced prepayment on the existing loan that opened in the fourth month.

“Northmarq’s correspondent life insurance company has an existing relationship with the borrower and won this business by offering the most competitive interest rate for a 20-year fixed-rate loan,” said Hollister.