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.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.