Northmarq completes $4.6 million refinance of multi-tenant office building in San Diego, California
SAN DIEGO, CALIFORNIA (September 22, 2022) – Eric Flyckt, managing director, and Casey Allred, vice president, of Northmarq’s San Diego office, arranged a $4.6 million refinance of a multi-tenant office building located in San Diego, California. An insurance company funded the 10-year, fixed-rate, non-recourse loan which is amortized over 30 years. The loan provided excess cash for capital improvements and a declining, fixed percentage, prepayment structure during the last three years.
“Northmarq’s correspondent insurance company provided fast and efficient service throughout the entire transaction from loan quote, locking the rate with a two-page term sheet, approval and closing. The borrower was very pleased with the process and attractive loan terms,” said Flyckt.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
