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.”