Mixed Use - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office arranges $7.2 million financing for Venetian Villas in San Clemente, California

SAN DIEGO (August 8, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged a $7.2 million loan for Venetian Villas, a mixed-use property with luxury residential units over commercial space. The property is well located in the coastal market of San Clemente, just blocks from the beach, restaurants and shopping. The project features high-end luxury finishes in the residential units, a below-grade parking garage, secure entry and a rooftop deck with ocean views. The loan was structured with a floating rate and a 2-year term with extension options. 

“With this financing the borrower has the time needed to stabilize and season operations at the property,” said Beck. “The short-term loan is non-recourse to the borrower and provides interest only payments and minimal, if any, prepayment penalty. There are no holdbacks or reserves structured with the loan.”

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.