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.”
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
