Office - Debt

Northmarq’s San Diego office arranges $16.1 million bridge loan for value-add flex property

SAN DIEGO, CALIFORNIA (January 6, 2022) – Aaron Beck, managing director of Northmarq’s San Diego regional office, secured a $16.1 million bridge loan for the acquisition and renovation of a multi-building flex property located at 10965-10995 Via Frontera in San Diego, California. The non-recourse bridge financing was arranged for the Borrower through a regional bank. The property will be modernized and undergo substantial exterior and interior improvements.  

“This was a sale leaseback transaction involving a new lease with the primary tenant, which added immediate value to the asset at closing.  The floating-rate bridge financing provides the Borrower with a majority of the capital for the exterior renovations and tenant improvements to satisfy the business plan,” said Beck. “The loan was structured with interest-only payments at an attractive rate, minimal prepayment penalty and extension options.”

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.