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.”