NorthMarq Capital’s Los Angeles office arranges acquisition financing of $17.3 million for Loft Apartments in San Diego, California

LOS ANGELES (December 16, 2016) – Michael Elmore, executive vice president/managing director and David Blum, senior vice president/senior director of NorthMarq Capital’s Los Angeles-based regional office arranged $17.3 million on the acquisition of Loft2015 Apartments, an 85-unit multifamily property located at 2015 Hancock Street in San Diego, California. The transaction was structured with a 10-year term with 5-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Fannie Mae platform. “This was a high quality, newer asset located in North Little Italy,” said Blum. “This was closed through our own Fannie Mae lending division. The buyer is an affiliate of James Investment Partners, a privately-held investment platform with multifamily holdings throughout California. The firm’s principles have engaged NorthMarq’s Orange County team on numerous transactions in southern California.”