Northmarq secures a $5 million permanent loan for industrial property in San Diego, California

SAN DIEGO, CALIFORNIA (August 24, 2022) - Steve Hollister, senior vice president, arranged a $5 million fixed-rate loan secured by a 183,891 sq. ft. industrial building located in San Diego, California. The property was 100 percent occupied. The transaction was structured with a fully amortizing 15-year loan term. Northmarq arranged the financing through its correspondent relationship with a life insurance company. 

“Northmarq’s correspondent life insurance company won this business by offering a very attractive interest rate that was far superior to the competition on this low leverage refinance. The rate was locked at loan application - five months before the loan funded,” said Hollister. “The forward commitment enabled the borrower to take interest rate risk off the table and provided them the best execution. In addition, the lender structured the loan without carve-out guarantees to the principals.”