Northmarq secures $13M refinancing for 48-unit multifamily community in San Diego MSA
Image credit: Adrian Tiemens
SAN DIEGO — Northmarq’s San Diego Debt + Equity team, led by Aaron Beck and Bryce Quezada, arranged $13.275 million in financing for Talas Apartments, a 48-unit multifamily garden community located at 2114 E. 7th St. in National City, California within the San Diego MSA.
Northmarq arranged the refinance on behalf of the borrower, KIRE Group, through the firm’s in-house Fannie Mae DUS platform. The permanent fixed-rate loan is structured on a five-year term with full-term interest-only payments.
“This was an all-around great execution for our client as a first-time agency borrower,” Beck said. “The near-stabilization structure allowed the sponsor to exit their construction loan into a fixed-rate permanent loan, return significant equity to their investors, and meaningfully boost monthly cash flow. In a fluctuating rate environment, being able to lock rate and fund prior to reaching stabilized occupancy was a significant win.”
Built in 2025, Talas Apartments offers studio, one- and two-bedroom units with modern finishes, in-unit washers and dryers, and private balconies or patios. Situated in the National City submarket, the community offers convenient access to nearby shopping, parks and major transportation corridors, including Interstate 5 and Interstate 805.
About KIRE Group
KIRE Group is a vertically integrated operator that acquires, designs, builds, and operates workforce housing across San Diego County. For more information visit www.kire.group.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
