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.”
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
