SAN DIEGO (November 12, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged the $6.4 million refinance of a medical office property located in Riverton, Utah. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. The project is well located near regional medical facilities and benefits from its close proximity to major retailers and regional thoroughfares.
“The purpose of the refinance was to take out the existing construction loan,” said Beck. “The lender was able to accommodate a 70%+ loan-to-value, which returned nearly all of the Borrowers’ equity. The loan was structured with a 30-year amortization and a low fixed interest rate.”