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.”
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