SAN DIEGO – Eric Flyckt, managing director, and Casey Allred, vice president, of Northmarq’s San Diego office, arranged a $12 million refinance of a shadow-anchored retail center located in San Diego, California. An insurance company funded the 10-year, fixed-rate, loan with interest-only payments for the entire term. Northmarq is a correspondent for the lender and will service the loan. The loan was structured with yield maintenance during the first seven years, then 3%, 2%, 1% in years 8 to 10 and par during the last six months. The rate was locked, via a two-page term sheet, six-months prior to funding at under 2.8%.
The property is situated in a strong location and was 100% leased to a solid and diverse tenant mix at closing.
Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.
