SAN DIEGO (January 14, 2016) – Steve Hollister, senior vice president and Aaron Beck, vice president of NorthMarq Capital’s San Diego office arranged an $11 million bridge loan for a suburban office project located in San Diego, California. The transaction was structured with a three year interest only term.
“The non-recourse loan includes a future funding provision that provides the borrower with the necessary dollars to complete renovations to the property and increase occupancy to a stabilized level, at which point additional loan dollars will be funded,” said Hollister. “The low floating rate and attractive prepayment structure will allow the borrower to execute their business plan with a great deal of flexibility,” added Beck.
