NorthMarq’s San Diego office secures $8.5 million Fannie Mae financing for mixed-use property
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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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
