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