SAN DIEGO, CALIFORNIA (February 25, 2020) – Gardiner Champlin, Marty Meagher, and Eric Flyckt of NorthMarq’s San Diego office arranged the $43 million refinance of a multifamily property in San Diego. The transaction was structured with a 15-year term, 11 years of interest-only payments, and followed by a 30-year amortization schedule. NorthMarq arranged the financing through a correspondent insurance company and will service the loan.
This was a highly sought-after deal that was aggressively bid by several lenders. “The lender that won the business offered a very competitive package combining high leverage, low rate, a long fixed-rate term, and an impressive number of years of interest-only payments. The lender performed extremely well from application/rate lock through closing and delivered as agreed,” noted Champlin.