Multifamily - Debt

NorthMarq Capital

NorthMarq’s San Diego office arranges $15.2 million bridge financing for 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.” 

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.