Northmarq secures $10.8M refinance for San Diego multifamily property
San Diego Multifamily Community
Eric Flyckt, managing director of Northmarq’s San Diego office, secured a $10.8 million refinance of a 218-unit multifamily property in San Diego, California. The five-year, fixed-rate, non-recourse loan was structured with full-term interest-only payments.
Northmarq arranged the financing from an insurance company for whom Northmarq is a correspondent and servicer. The loan was structured with yield maintenance during the first three years — 2% in year four, 1% in year five, and par during the last three months.
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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.
