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.”