NorthMarq’s San Diego office arranges $11.4 million bridge loan for value-add apartment property

Value-Add Apartment Property
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SAN DIEGO, CALIFORNIA (June 25, 2021) – Aaron Beck, senior vice president of NorthMarq’s San Diego regional office, secured a $11.4 million bridge loan for the acquisition and renovation of a 194-unit apartment property located in Jacksonville, Florida. The non-recourse bridge financing was arranged for the Borrower through a debt fund. The property will be rebranded and undergo substantial exterior and interior improvements.  

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

 

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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.