Vertical Ventures Secures $51M Financing for SD Business Park
Northmarq has arranged $51.25 million in acquisition financing for Rose Canyon Business Park in San Diego. Located on Morena Boulevard, the 15-building, 233,000-square-foot property was purchased by Vertical Ventures from an undisclosed seller.
“This deal offered in-place rents significantly below market, and 50% rollover in the first year,” said Northmarq’s Nathan Prouty who arranged the loan for the buyer along with the firm’s Briana Harney. “The flexible floating rate loan enables the Sponsor to carry out their valued-add business plan over the next three years.”
“The Northmarq team was successful in providing us with a wide variety of debt options that were accretive to our business strategy. Ultimately, we executed on the option that allowed for term flexibility while maximizing proceeds inclusive of additional funding to execute our business plan after the acquisition,” added Vertical Ventures found Hamid Rezapour.
The 150-tenant, 38-acre Rose Canyon Business Park is located just north of Downtown San Diego.
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