NorthMarq’s San Diego office secures $9.0 million bridge loan for value-add apartment property

Value-Add Apartment Property
Debt & Equity
Multi-Tenant
Multifamily
Bridge Loan
Other
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SAN DIEGO (January 9, 2020) – Aaron Beck, vice president of NorthMarq’s San Diego regional office, secured a $9.0 million bridge loan for the acquisition and renovation of a 203-unit apartment property located in Jacksonville, Florida. The non-recourse bridge financing was arranged for the Borrower through a debt fund. The vacant property was partially renovated, which provided immediate upside through leasing and occupancy of the rent-ready units. The remaining portions of the property will undergo substantial exterior and interior improvements.  

“The fixed-rate bridge financing will provide the borrower with nearly 100 percent of the capital needed to complete the renovation,” said Beck. “The loan was structured with full-term interest-only payments, minimal prepayment penalty and extension options.” 

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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