Retail - Debt

NorthMarq Capital

NorthMarq Capital arranges $4.85 million refinance for street-retail property in downtown San Diego, California

SAN DIEGO (April 3, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged a $4.85 million refinance of a 13,000 square foot street-retail property located in downtown San Diego, California. NorthMarq arranged the loan for the borrower through its relationship with a CMBS lender. The collateral for the loan is part of the larger mixed-use condominium property known as M2i. The project benefits from its location near PetCo Park (home to the San Diego Padres) and only a few blocks east of downtown San Diego’s Gaslamp Quarter. “The existing recourse credit union loan was paid off with a long-term non-recourse loan,” said Beck. “It also allowed the borrower to retire a second mortgage. The loan was structured with five years of interest only payments, followed by a 30-year amortization for the remainder of the term.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $55 billion and the multi-year tenure of our more than 500 people.