SAN DIEGO (August 27, 2015) – Aaron Beck, vice president of NorthMarq Capital’s San Diego based regional office secured acquisition financing of $6.843 million for a 41,000 sq.ft. office building located at 9715 Business Park Avenue in San Diego, California. The short-term loan was structured with extension options and interest only payments.
“NorthMarq was able to arrange a loan that provided immediate funds for the acquisition of the building and future funds for repositioning of the asset. The financing is structured to maximize the borrower’s returns with its high loan-to-cost and attractive interest rate. The borrower incurs minimal penalty for executing their business plan ahead of schedule, but also has the flexibility to extend the timing should the execution take longer than expected,” said Beck.
The buyer/borrower plans to complete an extensive rehab of the vacant building followed by a comprehensive lease-up program. The planned renovation will be designed with the corporate tenant in mind and include an updated and expanded lobby, upgraded landscaping, and all new tenant improvements.