James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix-based regional office arranged a $16.65 million loan on the $32 million acquisition of an 11-building office/warehouse/flex business park, totaling approximately 208,500 square feet, in San Diego, Calif.
The transaction was structured with a 5+5 term on a 25-year amortization with 3-years of interest-only and flexible prepayment options.
The financing was through its relationship with a national bank.
“This is an excellent asset in an irreplaceable location and a low leverage request; consequently, we had numerous lenders pursuing this opportunity. In the end, the sponsor selected a lender with extreme prepay flexibility, partial interest only and a fixed rate” states DuMars.