Northmarq completes $28.5 million refinancing for office property in San Diego, California
SAN DIEGO, CALIFORNIA (October 27, 2021) – Steve Hollister, senior vice president, arranged a $28.5 million fixed-rate loan secured by a newly-completed 100,400 sq. ft. office building located in San Diego, California. The asset also includes an adjacent two-story parking structure with 453 parking spaces. The building is fully leased to the County of San Diego for 15 years.
The transaction was structured with a 15-year loan term and a 25-year amortization schedule. Northmarq arranged the loan through its correspondent relationship with a life insurance company. The loan is non-recourse and is structured with a stepdown fixed prepayment premium in the last three years.
“This loan request resulted in a highly competitive bidding process. One of Northmarq’s correspondent life insurance companies won this business by offering the best rate and terms for a 15-year loan at the requested loan amount,” said Hollister. “The borrower was able to immediately lock the interest rate with a simple three-page loan application, which was beneficial in the volatile interest rate market.”
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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.
