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.”