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.”