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.