Aaron Beck Of NorthMarq Secures $16.1 Million Loan For Property In San Diego

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.