(EDITOR’S NOTE: The subject property is the Plaza 1640 apartment community located at 1640 E. Plaza Blvd. in National City. The property was built in 2019, and it has 77 units.)
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.”
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.
