NorthMarq’s San Diego office secures $12.4 million financing through Freddie Mac for new apartment development
SAN DIEGO (April 15, 2021) – Aaron Beck, senior vice president and Eric Flyckt, managing director/senior vice president of NorthMarq’s San Diego office, arranged a $12.4 million refinance of a 58-unit multifamily property located in Antioch, California. The financing was arranged for the borrower through NorthMarq’s relationship with Freddie Mac. The newly constructed property benefits from strong renter demand in the area and its convenient access to major employment centers throughout the Bay Area.
“The floating rate non-recourse loan replaced the construction loan and was structured with interest only payments, flexible prepayment and an initial interest rate below three percent.” explained Beck. “A portion of the borrower’s equity was also returned with this new loan.”
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