NorthMarq Secures $18.47 Million Construction Loan For 64-Unit Development In La Mesa

The asset involved in this transaction is a development site intended for a 64-unit mixed-use development located in downtown La Mesa, California. The loan amount secured for this project is $18,470,000, categorized as a construction loan with a duration of 30 months that is interest-only.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $18,470,000
• Loan Type: Construction
• Loan Terms: 30-month interest-only
• Location: Downtown La Mesa, California
• Brokers: Conor Freeman, Aaron Beck & Wyatt Campbell - NorthMarq

The transaction was facilitated by Northmarq’s San Diego Debt + Equity team, which arranged the $18.47 million construction loan. Upon reaching occupancy, the loan is set to convert seamlessly to a three-year mini-perm with a rate reduction of 200 basis points, providing the sponsor with flexibility during the transition from construction to stabilization.