NorthMarq Capital’s San Diego office secures $57.12 million construction financing for Watermark II in San Diego, California
Watermark II
SAN DIEGO (January 24, 2018) – Mike Dobbins, senior vice president of NorthMarq Capital’s San Diego office, arranged a $57,120,000 construction loan for Watermark II, a Class-A office building comprising 158,000 sq. ft. located in San Diego, California. The loan was structured with a 5-year term, the first three of which are interest-only followed by a 25-year amortization schedule. NorthMarq arranged the financing through its relationship with a regional bank. “The lender is a local regional bank and provided the most competitive terms. The borrower is an owner-user which previously developed a neighboring Class-A office building they also occupy,” noted Dobbins.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
