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.”