Northmarq Secures $22M Refinancing for La Mesa Townhome Communities
Aaron Beck, the managing director of Northmarq’s San Diego office, has arranged $21.8 million in financing for Trio, three townhome-style properties in La Mesa, CA. The communities are located within a mile of each other on El Cajon Boulevard and encompass 74 units.
The financing was arranged for the borrower through Fannie Mae and Northmarq’s DUS platform. The newly constructed townhomes offer spacious multi-level units, and each includes a tandem garage with convenient direct unit access.
“Prior to this financing, the property was awarded a Fannie Mae-approved ‘green’ certification. With this certification in place, the lender was able to provide a significantly lower interest rate,” explained Beck in a news released, adding, “The borrower was able to lock the interest rate below four percent for a long period of time and maximize cash flow through full-term interest only payments.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.