NorthMarq’s San Diego office secures $18.35 million loan through Freddie Mac for new multifamily development

SAN DIEGO (March 22, 2021) – Aaron Beck, senior vice president of NorthMarq’s San Diego regional office, arranged a $18.35 million refinance of a new apartment property located in National City, California. NorthMarq arranged the financing for the borrower through its relationship with Freddie Mac. The property is exceptionally located in an area with very strong demand for apartments, and close proximity to mass transit, freeways and Naval Base San Diego.

“The property’s modern design and appeal, and favorable location in an area that is severely undersupplied with new multi-family product, have allowed it to maintain an occupancy rate of 95 percent or greater during the pandemic,” explained Beck. “Because of this, Freddie Mac was comfortable with the maximum allowable loan proceeds, partial-term interest only payments and a considerable return of equity at a fixed rate of approximately 3 percent.”