Aaron Beck Of NorthMarq Secures $16.1 Million Loan For Property In San Diego
FINANCED
$16,100,000
California
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FINANCED
Aaron Beck Of NorthMarq Secures $16.1 Million Loan For Property In San Diego
10965 via Frontera, San Diego, CA, 92...
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Summary
CALIFORNIA
Asset Type:Office
Transaction Type:Loan
A $16.1 million bridge loan was secured for the acquisition and renovation of a multi-building flex property located at 10965-10995 Via Frontera in San Diego. The property is situated in the San Diego market and will undergo substantial improvements following the financing.
Summary of transaction details:
- Property Type: Multi-building flex property
- Transaction Amount: $16,100,000.00
- Loan Amount: $16,100,000.00
- Borrower's Representative: Aaron Beck-NorthMarq
- Lender: Unknown
Aaron Beck, managing director of NorthMarq’s San Diego regional office, arranged the non-recourse bridge financing through a regional bank for the borrower. The loan was structured with interest-only payments, a minimal prepayment penalty, and extension options, providing capital for exterior renovations and tenant improvements related to a new lease with the primary tenant.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,100,000.00
Monthly NOI$107,333.33
Monthly Debt Service$101,762.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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