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.”
- ◦Financing
