Office - Debt

NorthMarq Capital negotiates $7.3 million bridge loan for San Diego office property

SAN DIEGO (January 4, 2017) – Aaron Beck, vice president of NorthMarq Capital’s San Diego office, arranged a $7.3 million bridge loan for an office building located in San Diego, California. The property formerly served as headquarters for a local newspaper publication and was vacant at the time the loan funded. The borrower will be repositioning the building for creative office uses to include a new roof-top deck. The transaction was structured with a floating rate, interest-only term.

“The asset is located in the popular urban neighborhood of Banker’s Hill with convenient access to Downtown, Balboa Park and regional freeways – which will bode well for the proposed use,” said Beck. “The loan includes the necessary reserves and future funding components that will allow the borrower to complete the renovations and lease-up without coming out of pocket. The loan also provided the borrower prepayment flexibility if the business plan is executed sooner than expected.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.