NorthMarq’s San Diego office secures $18.35 million loan through Freddie Mac for new multifamily development
SAN DIEGO (March 22, 2021) – Aaron Beck, senior vice president of NorthMarq’s San Diego regional office, arranged a $18.35 million refinance of a new apartment property located in National City, California. NorthMarq arranged the financing for the borrower through its relationship with Freddie Mac. The property is exceptionally located in an area with very strong demand for apartments, and close proximity to mass transit, freeways and Naval Base San Diego.
“The property’s modern design and appeal, and favorable location in an area that is severely undersupplied with new multi-family product, have allowed it to maintain an occupancy rate of 95 percent or greater during the pandemic,” explained Beck. “Because of this, Freddie Mac was comfortable with the maximum allowable loan proceeds, partial-term interest only payments and a considerable return of equity at a fixed rate of approximately 3 percent.”
Meet our team
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.
