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.”