NorthMarq’s San Diego office secures $12.25 million loan through Fannie Mae for new mixed-use development
SAN DIEGO (July 1, 2020) – Aaron Beck, vice president of NorthMarq’s San Diego regional office, arranged a $12.25 million refinance of a newly developed mixed-use property located in Oakland, California. The financing was arranged for the borrower through NorthMarq’s relationship with Fannie Mae. The recently stabilized property is located in a market with very high demand for apartments due to its walkability, and close proximity to mass transit and freeways.
“This loan replaced the existing construction loan and provided a very low fixed interest rate with multiple years of interest only payments,” said Beck.
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.