NorthMarq Capital arranges $6.5 million refinance of Julian Building in San Diego, California
Julian Building
SAN DIEGO (June 10, 2016) – Marty Meagher, senior vice president and Gardiner Champlin, senior vice president of NorthMarq Capital’s San Diego-based regional office, arranged the $6.5 million refinance of Julian Building, a 23,996 sq. ft. mixed-use property located at 615 and 629 J Street in San Diego, California. The transaction was structured with a 10-year term with 1-year interest only followed by a 30-year amortization. The lender arranged a 7-month forward rate lock. The Gaslamp Quarter is a 16 ½ block historical neighborhood in downtown San Diego, California. “This was the second downtown San Diego financing for our borrower by our correspondent life company,” said Meagher. “The lender was comfortable providing a seven month forward rate lock to match the maturity of the existing financing. The conservative leverage request, desirable downtown San Diego location and familiarity with the sponsorship allowed the lender to meet the borrower’s needs comfortably.”
About Northmarq
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.
