October 29, 2015

NorthMarq Capital’s San Diego office secures $9.414 million refinance of The Quarry in La Mesa, California

The Quarry

Debt & Equity

Multi-Tenant

SAN DIEGO (October 29, 2015) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged the $9.414 million refinance of The Quarry, a 60-unit multifamily property located in La Mesa, California. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac. The newly completed apartment project is located in a market with very low vacancy and limited new supply. The property also benefits from its close proximity to downtown San Diego and other major employment centers including Mission Valley. “The purpose of the refinance was to take out the existing construction loan using Freddie Mac’s pre-stabilized loan product,” explained Beck. “The loan funded once the property achieved 65 percent occupancy. This provided a return of the borrower’s equity much sooner than if a traditional loan product was used for the refinance. The loan was structured with interest-only payments and a sub 3 percent interest rate.”

Available Multifamily properties

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.