Multifamily - Debt

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

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.” 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.