Mixed Use - Debt

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.” 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.