SAN DIEGO (September 18, 2019) – Eric Flyckt, senior vice president and Wyatt Campbell, vice president of NorthMarq’s San Diego office, secured a $14 million financing for a multi-tenant medical office building located in San Diego, California. The 12-year fixed-rate loan was structured with a 30-year amortization. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. NorthMarq will service the loan.
Built in 2012, the building is comprised of 39,991 square feet and 100 percent occupied by 11 tenants.
“This was a high loan per square foot for an insurance company at $350 psf. However, we were able to get the lender comfortable by providing supporting market data,” said Flyckt. “It was a typical life company execution – the rate was locked at application and closed as quoted with no surprises. It is a great loan for both the borrower and the lender.”