NorthMarq’s San Diego office arranges a $24 million refinance through an insurance company
SAN DIEGO, CALIFORNIA (June 7, 2021) – Aaron Beck, senior vice president and Eric Flyckt, managing director/senior vice president of NorthMarq’s San Diego office, negotiated a $24 million refinance of a multifamily property located in Phoenix, Arizona. The financing was arranged for the borrower through NorthMarq’s correspondent relationship with an insurance company lender. The property is well located in central Phoenix with convenient proximity to transit and employment centers in the metro. This, along with the property’s neighborhood feel, attractive unit mix and design, and high-quality amenity package have resulted in the property maintaining a high occupancy and realizing strong rent growth over the years.
“This 15-year fixed-rate loan was structured with full-term interest only payments, flexible prepayment and an interest rate in the mid-2.0%’s,” explained Beck. “The loan allowed our client to lock in this extremely low rate four months in advance of closing with only a term sheet and deposit.”
Meet our team
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 and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
