NorthMarq Capital’s San Diego office arranges $7 million financing for apartment community in Del Mar, California
Apartment Community
SAN DIEGO (January 21, 2016) – Eric Flyckt, managing director of NorthMarq Capital’s San Diego office arranged the $7 million refinance of an 86-unit apartment community located in Del Mar, California. The transaction was structured with a 15-year term with 3 years interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The insurance company lender provided a seven-month forward commitment that allowed the borrower to lock-in a sub-4 percent rate fixed for 15 years, while also avoiding a prepayment penalty on their former loan,” said Flyckt. “The borrower will use the excess loan proceeds to perform a significant renovation to the unit interiors. The property enjoys an irreplaceable location one block from the beach.”
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