SAN DIEGO – Aaron Beck, vice president of NorthMarq’s San Diego regional office, arranged a $12.25 million refinance of a newly developed mixed-use property located in Oakland, California. The financing was arranged for the borrower through NorthMarq’s relationship with Fannie Mae. The recently stabilized property is located in a market with very high demand for apartments due to its walkability, and close proximity to mass transit and freeways. (Ed. Note: The Maya apartments is located at 4045 Broadway in Oakland. The property was completed in 2019, and it has 47 units that range from studio to two-bedroom apartments.)
“This loan replaced the existing construction loan and provided a very low fixed interest rate with multiple years of interest only payments,” said Beck.
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.