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.”