NorthMarq Capital arranges acquisition financing of $7 million for retail property in San Diego, California
Palm Ridge
SAN DIEGO (March 15, 2017) – Doug Austin, senior vice president/senior director of NorthMarq Capital’s San Diego regional office, arranged acquisition financing of $7 million for Palm Ridge, a 23,094 sq. ft. retail property located at 4354-4390 Palm Avenue in San Diego, California. The transaction was structured with a 10 year term with 2-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Bancorp, a CMBS lender. “The lender was able to close the loan in less than 60 days to meet a 1031 exchange deadline,” noted Austin.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
