NorthMarq’s San Diego office secures $8.5 million Fannie Mae financing for mixed-use property
SAN DIEGO, CALIFORNIA (December 6, 2019) – Aaron Beck, vice president, and Eric Flyckt, senior vice president of NorthMarq’s San Diego regional office, arranged a $8.5 million refinance for a mixed-use property located in Reno, Nevada. NorthMarq secured the long-term non-recourse financing for the borrower through its direct relationship with Fannie Mae. The recently redeveloped property is well located in Downtown Reno near dining, centers of employment, and the University of Nevada Reno.
“This refinance replaced the construction loan and provided a significant return of equity to the borrower,” said Beck. “The loan was structured with full-term interest-only payments and a sub-4.0% fixed interest rate.”
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