NorthMarq Capital’s San Diego office secures $9.414 million refinance of The Quarry in La Mesa, California
The Quarry
SAN DIEGO (October 29, 2015) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged the $9.414 million refinance of The Quarry, a 60-unit multifamily property located in La Mesa, California. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. The newly completed apartment project is located in a market with very low vacancy and limited new supply. The property also benefits from its close proximity to downtown San Diego and other major employment centers including Mission Valley. “The purpose of the refinance was to take out the existing construction loan using Freddie Mac’s pre-stabilized loan product,” explained Beck. “The loan funded once the property achieved 65 percent occupancy. This provided a return of the borrower’s equity much sooner than if a traditional loan product was used for the refinance. The loan was structured with interest-only payments and a sub 3 percent interest rate.”
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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.
