Northmarq completes $17 million refinance of multi-tenant office building in San Diego, California
SAN DIEGO, CALIFORNIA (August 31, 2022) – Eric Flyckt, managing director, and Casey Allred, vice president, of Northmarq’s San Diego office, arranged a $17.0 million refinance of a multi-tenant office building located in San Diego, California. A bank funded the 7-year, fixed-rate, non-recourse loan with interest-only payments for the first five years followed by a 25-year amortization. The loan provided a declining, fixed percentage, prepayment structure. The property was 98% occupied at closing.
“Many lenders passed due to the negative outlook for office, mainly small suites and short-term leases. The bank took a rationale view of seeing the property’s strength in consistently offering small suites, a history of lease renewals, combined with a strong track record of high occupancy,” said Flyckt.
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