NorthMarq arranges $17.3 million financing for apartment community in Oceanside, California
SAN DIEGO (October 30, 2019) – Eric Flyckt, managing director and Wyatt Campbell, vice president, of NorthMarq’s San Diego office, arranged $17.3 million in financing for a 180-unit apartment community located in Oceanside, California. The garden-style property, built in 1974, and owned by the borrower since 1992, benefits from a strong submarket and maintains an occupancy in the high 90%’s. This well-maintained and professionally-managed property comprises a fitness center, pool, spa and laundry facility. The borrower had been performing interior and exterior renovations prior to the refinance and will continue to do so with proceeds from the new loan.
NorthMarq arranged the financing from a life insurance company and the loan proceeds were used to pay off a Fannie Mae loan. “The life insurance company lender offered a full-term interest-only loan at a 3.25 percent fixed rate for 10 years. Their process during the course of the transaction was smooth, quick and they performed very well,” said Flyckt.
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