NorthMarq’s San Diego office arranges $12.7 million bridge financing for new mixed-use property
SAN DIEGO (February 28, 2020) – Aaron Beck, vice president of NorthMarq’s San Diego regional office, negotiated a $12.7 million bridge loan to refinance a newly constructed mixed-use property located in the North Park neighborhood of San Diego, California. NorthMarq secured the non-recourse bridge financing for the borrower through a debt fund. North Park is a popular urban infill market that has strong demand for rental housing and ancillary commercial uses.
“The bridge loan replaced the construction financing, provided a return of equity to the partnership before stabilization, and will allow the necessary tenant improvement and leasing commission dollars to build out and occupy the commercial spaces,” said Beck. “The loan includes full-term interest-only payments and a flexible prepayment structure.”
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.
