NorthMarq Capital arranges acquisition and rehab financing of $9.96 million for a Planned Memory Care Facility in La Jolla, California
Planned Memory Care Facility
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.”
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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.
