NorthMarq’s San Diego office arranges $15.2 million bridge financing for new apartment property
New Apartment Property
SAN DIEGO, CALIFRONIA (January 10, 2020) – Aaron Beck, vice president of NorthMarq’s San Diego regional office, arranged a $15.2 million bridge loan to refinance a newly constructed apartment property located in National City, California. NorthMarq secured the non-recourse bridge financing for the borrower through a debt fund. The property is located in an undersupplied market that has strong demand for rental housing.
“The new bridge loan replaced the construction financing, provided a return of equity before stabilization, and will allow the property to season before permanent financing is secured,” said Beck. “The loan was structured with full-term interest-only payments.”
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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.
