Northmarq’s San Diego office secures $12,550,000 refinance for Madison Plaza in El Cajon, California
SAN DIEGO, CALIFORNIA (August 31, 2022) – Conor Freeman, vice president, and Wyatt Campbell, vice president of Northmarq’s San Diego regional office arranged the $12,550,000 refinance of Madison Plaza, a 67,800 sq. ft. Petco-anchored retail center located in El Cajon, California. The transaction was structured with a 10-year term and 30-year amortization. NorthMarq arranged financing for the borrower through its relationship with a regional credit union.
“Our capital source provided a 90-day rate lock in late April, allowing our repeat client to take interest rate volatility off the table, despite the 10-year treasury coming within 40bps of the all-in rate,” explained Freeman. “The loan features a stepdown prepay that burns off completely after year three, providing our client with much more flexibility than the CMBS loan we refinanced.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
