Northmarq secures $10.8M refinance for San Diego multifamily property
Eric Flyckt, managing director of Northmarq’s San Diego office, secured a $10.8 million refinance of a 218-unit multifamily property in San Diego, California. The five-year, fixed-rate, non-recourse loan was structured with full-term interest-only payments.
Northmarq arranged the financing from an insurance company for whom Northmarq is a correspondent and servicer. The loan was structured with yield maintenance during the first three years — 2% in year four, 1% in year five, and par during the last three months.
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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.
