Northmarq arranges $23 million financing for Lowe’s-anchored retail center in San Diego, California
SAN DIEGO (November 2, 2021) – Eric Flyckt, Managing Director, and Casey Allred, Vice President, of Northmarq’s San Diego office, arranged a $23.0 million refinance of a Lowe’s-anchored retail center located in San Diego, CA. An insurance company funded the 12-year, fixed-rate, loan with the first year being interest-only followed by a 30-year amortization schedule. The loan was structured with a fixed step-down prepayment schedule during the last three loan years. The rate was locked five-months prior to funding at under 3.5%.
The property is situated in a strong location and was 100% leased to a solid and diverse tenant mix at closing. The property is on a ground lease which resulted in many lenders not having an interest in providing the financing.
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