Northmarq arranges $12 million financing for shadow-anchored retail center in San Diego, California

Shadow-Anchored Retail Center
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SAN DIEGO (January 5, 2022) – Eric Flyckt, managing director, and Casey Allred, vice president, of Northmarq’s San Diego office, arranged a $12.0 million refinance of a shadow-anchored retail center located in San Diego, California. An insurance company funded the 10-year, fixed-rate, loan with interest-only payments for the entire term. Northmarq is a correspondent for the lender and will service the loan. The loan was structured with yield maintenance during the first seven years, then 3%, 2%, 1% in years 8 to 10 and par during the last six months. The rate was locked, via a two-page term sheet, six-months prior to funding at under 2.8%.

The property is situated in a strong location and was 100% leased to a solid and diverse tenant mix at closing.

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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.
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