SAN DIEGO, CALIFORNIA – Aaron Beck, senior vice president of NorthMarq’s San Diego office, secured a $14.1 million refinance for The Broadway, a 62-unit multifamily property in Chula Vista, California [located at 260 Broadway]. The financing was arranged for the borrower through Fannie Mae and NorthMarq’s DUS platform.
The newly constructed property is well located in an area with very strong apartment demand as evidenced by the overall submarket vacancy rate in the two-to-three percent range. The property benefits from its proximity to regional freeways, mass transit and Naval Base San Diego.
“The new non-recourse Fannie Mae loan replaced the construction loan, was structured with full-term interest only payments, and provided a significant return of equity to the borrower,” explained Beck. “In addition, the property qualified for a Fannie Mae-approved “green” certification. This allowed for a meaningful decrease to the interest rate, which was fixed at sub-three percent.”
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.
