SAN DIEGO (April 13, 2015) – Aaron Beck, vice president of NorthMarq Capital’s San Diego based office arranged acquisition and rehab financing of $9.96 million for Monarch Cottages located in La Jolla, California. The business plan calls for the conversion of a vacant medical office building into a class “A” memory care facility. The loan provides interest-only payments with a floating rate, and minimal recourse. NorthMarq arranged financing for the borrower through its relationship with a debt fund.
“The borrower required a loan structure for an asset class that very few lenders were able to accommodate,” said Beck. “The loan provides the necessary structure and funds for both acquisition and construction.”