Northmarq completes $17 million refinance of multi-tenant office building in San Diego, California

Multi-Tenant Office Building

SAN DIEGO, CALIFORNIA (August 31, 2022) – Eric Flyckt, managing director, and Casey Allred, vice president, of Northmarq’s San Diego office, arranged a $17.0 million refinance of a multi-tenant office building located in San Diego, California. A bank funded the 7-year, fixed-rate, non-recourse loan with interest-only payments for the first five years followed by a 25-year amortization. The loan provided a declining, fixed percentage, prepayment structure. The property was 98% occupied at closing.

“Many lenders passed due to the negative outlook for office, mainly small suites and short-term leases. The bank took a rationale view of seeing the property’s strength in consistently offering small suites, a history of lease renewals, combined with a strong track record of high occupancy,” said Flyckt.

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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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