Northmarq’s San Diego office secures $21.8 million refinancing for three townhome communities in La Mesa, California
SAN DIEGO, CALIFORNIA (April 27, 2022) – Aaron Beck, managing director of Northmarq’s San Diego office, arranged $21.8 million in financing for Trio. The three townhome-style properties (74 total units) are in close proximity to one another and located in La Mesa, California. The financing was arranged for the borrower through Fannie Mae and Northmarq’s DUS platform. The newly constructed communities offer spacious multi-level units, and each includes a tandem garage with direct unit access for tenant convenience.
“Prior to this financing the property was awarded a Fannie Mae-approved “green” certification. With this certification in place the lender was able to provide a significantly lower interest rate,” explained Beck. “The borrower was able to lock the interest rate below four percent for a long period of time and maximize cash flow through full-term interest only payments.”
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