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.”