NorthMarq’s San Diego office secures $12.4 million financing through Freddie Mac for new apartment development

New Apartment Development
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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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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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