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.”
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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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
